Finance Minister of Haryana, Harmohinder Singh Chattha on Friday presented the Budget for the year 2014-15 without any major announcement but keeping in mind the election year, it as kept a ‘tax-free’ Budget.
People of State were expecting some announcements or relief especially at that time when parliamentary and Assembly elections are not far away.
However, Chattha, while claiming the State economy was on very strong footing as compared to the national economy estimated to grow at a rate of 2 per cent more than the national average that is 6.5 per cent in the year 2012-13 and 6.9 per cent in the year 2013-14. Where as national economy grew at the rate of 4.5 per cent in 2012-13 and is projected to grow at the rate of 4.9 per cent in the year 2013-14. The per capita income of Haryana continues to be highest in the country except small States of Goa and Sikkim.
The Budget indicates total receipts of Rs 59,173.10 crore including public debt net of repayments. Against these receipts, the expenditure during the year 2014-15 is projected to be Rs 59,451.23 crore, excluding the repayments of loans.
The fiscal deficit has been projected to be 2.5 per cent of the GSDP in the year 2014-15 against 2.9 per cent of GSDP in Revised Estimates (RE) 2013-14.
Under the Fiscal Responsibility and Budget Management (FRBM) Act 2005, the fiscal deficit has to be kept at 3 per cent. The revenue deficit during the year 2014-15 is projected to be 1.2 per cent of GSDP against 1.43 per cent of GSDP in the year 2013-14.
The debt liability of the State should be below 22.9 per cent in 2014-15 and 22.8 per cent in 2013-14. As against these, the projected debt liability as a percentage of the GSDP is likely to be 18.24 per cent in 2014-15 and 17.91 per cent in 2013-14. Therefore, the State is managing its finances quite well and is raising the loans well within the prescribed limits. Rs 32,731.29 crore would be spent on the annual plan 2014-15 including Rs 21, 520.15 crore to be financed by State Budget.
In the sectoral allocation of the Budget, both Plan and Non-Plan for the year 2014-15, the agriculture and allied sectors would receive Rs 2,156.31 crore. Power sector is proposed to receive Rs 5,360.14 crore, Road and Transport sector has been allocated Rs 4,987.80 crore, Irrigation sector is projected to receive Rs 2,209.75 crore, Public Health engineering sector is slated to receive Rs 2,427.99 crore, Urban Development sector has been allocated Rs 3,006.71 crore, Education, Sports and Art and Culture sector is slated to receive Rs 9,819.67 crore, Industrial Training and Technical Education are projected to receive Rs 880.81 crore and Health and Family Welfare sector is allotted Rs 2,804.41 crore. Similarly, Social Justice and Empowerment including Welfare of Scheduled Castes and Backward Classes sector is proposed Rs 4,418.30 crore and Rural Development and Panchayat sector is slated to receive Rs 2,310.37 crore.