R Krishna Das
Raipur, February 9
Chhattisgarh Finance Minister O P Choudhary Friday presented Rs 147,500 crore budget for the financial year 2024-25 (FY25) with no new tax but focussed on the issues that the state was long waiting for.
The first budget of the Vishnu Deo Sai government focused on inclusive growth though the estimates underlined a net fiscal deficit of Rs 16,296 crore, which is 2.90 per cent of the state’s GSDP and within the prescribed limits of the Fiscal Responsibility and Budget Management (FRBM) Act.
Though the Finance Minister covered all aspects, three were most crucial in the Chhattisgarh budget 2024 that the state has been awaiting for in the last five years. Firstly, the capital expenditure (capex) has been estimated at Rs 22,300 crore, which is 15 per cent of the total budget and 20 per cent higher than the last fiscal. This is up from the last 5 years’ average Capital Expenditure of 12 per cent.
In the last five years, the fund shortage has stalled infrastructure projects. The state faced severe shortage of funds even to repair the state highways. Choudhary’s focus on increasing the capex will expedite the infra projects in the state.
Secondly, the state has taken a big leap forward to increase the revenue from its own resources. The Finance Minister has envisaged enhancing the state’s revenue from its resources by 22 per cent that will facilitate expediting the development projects and welfare schemes. The fiscal constraints in the last five years have had a negative impact on Chhattisgarh’s economy.
Thirdly, the otherwise virgin tourism sector in the state is going to get a major fillip as the budget 2024 has made adequate provisions to address the issue. The tourism sector in Chhattisgarh, a major part of it is covered by dense forests, can bring a revolutionary socio-economic reform in the state.
The maiden budget of the new BJP government focussed on “Amritkaalkeneev ka Budget”. The budget is aimed on the prosperity for Gareeb, Yuva, Anndata and Naari (GYAN) and stimulating infrastructural growth by increasing capital expenditure, and employment and livelihood promotion for youth of the state. It is an important step towards fulfilling promises under “Modi ki Guarantee”
With a vision to emerge as a developed state in the Amrit Kaal, “Amrutkaal: Chhattisgarh Vision @2047” shall be prepared by 1st November 2024 for an inclusive development and growth in all sectors. The first mid-term goal, helping us in achieving this vision, shall be the target to double our state’s GSDP in next 5 years from 5 lakh crores to 10 lakh crores by the year 2028.
“We present this budget with a deep sense of responsibility for developing the economic situation by overall development of women, youth, poor, farmers, landless labourers, and tribals,” Choudhary said, adding that “Humnebanayahai, Hum hi Sawaarenge”. They have drafted 10 Fundamental Strategic Pillars that will assist to achieve the midterm and long-term goals by 2047, the minister added.
