Madhya Pradesh Assembly Approves ₹4.21 Lakh Crore Budget, Session to Recommence on Monday
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Synopsis
The Madhya Pradesh Legislative Assembly has passed a budget of ₹4.21 lakh crore for 2025-26 after a long session on Friday, with significant discussions on departmental grants. The session will continue until March 24, focusing on fiscal responsibility and development.
Key Takeaways
- Madhya Pradesh Assembly approved ₹4.21 lakh crore budget.
- Finance Minister Jagdish Devda presented the appropriation bill.
- Discussions involved key sectors like Water Resources and Agriculture.
- Gross State Domestic Product projected at ₹15.22 lakh crore.
- Focus on maintaining fiscal discipline and surplus.
Bhopal, March 22 (NationPress) The Madhya Pradesh Legislative Assembly approved the state government's budget of Rs 4.21 lakh crore for the fiscal year 2025-26 late on Friday night via a voice vote.
After a lengthy session that extended until 10 pm, Finance Minister Jagdish Devda introduced the appropriation bill following the collective endorsement of divisional grant requests.
He requested the House's consent for the proposed budget, which was subsequently ratified through voice voting.
The Assembly session was then adjourned until the morning of March 24.
Friday's discussions encompassed grant requests for critical sectors, including Water Resources, Urban Development and Housing, Sports and Youth Welfare, and Agriculture Development.
The engagement of members in these discussions extended the session into the evening, culminating in the formal approval of grant demands.
The budget session, which commenced on March 10, is scheduled to progress until March 24. During this period, the Gross State Domestic Product (GSDP) for 2024-25 was emphasized, projecting Rs 15.22 lakh crore at current prices, indicating a growth rate of 0.6 percent compared to the previous year.
Significant financial highlights for the 2024-25 fiscal year include expenditures (excluding debt repayment) expected to reach Rs 3.26 lakh crore, reflecting an 8.9 percent increase over revised estimates from 2023-24, and revenue receipts (excluding borrowings) projected at Rs 2.63 lakh crore, a rise of 7.6 percent compared to 2023-24 estimates.
The state government anticipates a revenue surplus of Rs 1,700 crore (0.1 percent of GSDP), a slight increase of 0.04 percent from the prior year. Nevertheless, the fiscal deficit is aimed at 4.1 percent of GSDP (Rs 62,564 crore), up from 3.6 percent in the revised estimates of 2023-24.
The budget also includes debt repayment amounting to Rs 29,697 crore. The session highlighted the government's commitment to financial discipline, emphasizing the importance of sustaining a surplus while effectively managing the fiscal deficit.
As the budget session wraps up on March 24, the detailed financial plan for 2025-26 is designed to reconcile developmental goals with fiscal responsibility.
