Malaiya presents budget focusing on farm, infra
|Source: The Hitavada Date: 02 Mar 2017 12:10:48|
• Fiscal deficit estimated at 3.49 percent of GSDP.
• Revenue surplus estimated at 0.63 percent of GSDP.
• Interest payments estimated at 8.30 percent of revenue receipts.
• Provision of Rs 33,564 crore for Krishi Budget
• Provision of Rs 2,000 crore for Prime Minister Crop Insurance Scheme
• Provision of Rs 305 crore for National Food Security Mission
• Provision of Rs 40 crore subsidy for tractor and agriculture equipment
• Provision of Rs 102 crore for plantation of fruit and non fruit trees on Narmada river bank
• Rs 590 crore for building construction of 7 new medical colleges
• Provision of Rs 2,704 crore for various schemes of Forest Department
• Rs 1,750 crore earmarked for disposal and management of liquid and solid waste in 3,000 gram panchayats under Nirmal Bharat Abhiyan
• Rs 3,500 crore allotted for housing for all schemes in rural areas under Pradhan Mantri Awaas Yojana A sum of Rs 190 crore earmarked for Mukyamantri Shahri Peyajal Yojana
• Rs 600 crore for Swachh Bharat Abhiyan
• Provision of Rs 5,966 crore for roads and bridges
• Rs 9,850 crore under capital head for irrigation schemes
• Recruitment of 36,000 teaches for school edn
• Rs 5,850 crore for police force
• Rs 1,001 crore for various schemes of animal husbandry
Finance Minister Jayant Malaiya presented budget 2017-18 in Assembly on Wednesday morning. The total net expenditure is pegged at Rs 1,69,954.46 crore. The budget mainly focuses on agriculture, infrastructure, school education, higher education, power.
Budget shows revenue surplus of Rs 4,596.40 crore. The appropriation amount is of Rs 1,85,564.27 crore. The fiscal deficit for the year 2017-18 is estimated to be Rs 25,688.97 crore, which is within the prescribed 3.5 percent limit of Madhya Pradesh Fiscal Responsibility and Budget Management Act 2005. Total revenue receipts for the year 2017-18 are estimated to be Rs 1,39,115.67 crore. Components of revenue receipts include Rs 50,295.21 crore as State’s own revenue, Rs 51,106.32 crore as share in central taxes, Rs 11,679.74 crore as State’s own non-tax revenue and Rs 26,034.40 crore as grants in aid from Central Government.
State’s own tax revenue estimates are 14 percent higher as compared to 2016-17 revenue estimates. In budget, Government decided to provide 7th Pay Commission benefits to Government employees from January 1 2016 and cash benefits will be paid from July 2017 salary.
Through the budget, Government wanted to provide as much relief to common people as it desisted from levying taxes on items, which are used by common people on routine basis. Government proposed to increase VAT on ATF sold at Indore and Bhopal airports from 4 percent to 25 percent.
To promote air connectivity, Government proposed to reduce VAT from 4 percent to 1 percent on ATF sold out at airports and air strips except Indore, Bhopal, Gwalior, Jabalpur and Khajuraho. This will help in boosting air services in other parts of State. Through the amendment in VAT rates on ATF, Government is anticipating to get extra revenue of around Rs 70 crore.
Government also proposed to continue the concession tax rate and concession in tax on Central Sales Tax Act, Entry Tax Act, “Madhya Pradesh Vilasita Amodh avam Vigyapan” till the implementation of GST. To maintain the piousness of Narmada river, 66 wine shops coming in limit of 5 km radius of Narmada river will be closed from May 1. Likewise, 1,426 wine shops established at national highway and state highway will be shifted to the distance of 500 meter of the road. For de-addiction, Government will try to bring awareness by holding seminars and arrangement would be made to include awareness related things into the syllabus of schools and colleges.
Another concession doled out by Government is this that VAT has been reduced from 14 percent to 12 percent on heavy vehicles having weight of more than 12,000 kg. This will increase sale of such vehicles in Madhya Pradesh and subsequently, revenue of State will get the shot in the arm. E-stamping and e-registration will be made totally cashless.