Synopsis
On March 12, Madhya Pradesh Finance Minister Jagdish Devda announced a budget of ₹4.21 lakh crore, reflecting a 15% increase from last year. The budget aims to focus on good governance and the economic growth of the state, targeting a doubling of the budget size and GSDP by 2029-30.Key Takeaways
- Budget Size: ₹4.21 lakh crore, a 15% increase.
- Fiscal Deficit: Maintained at 4% of GSDP.
- Good Governance: Focus on enhancing government employee allowances.
- Social Schemes: Significant allocations for agriculture and social welfare.
- Economic Vision: Targeting a 2 trillion dollar economy by 2047.
Bhopal, March 12 (NationPress) The Finance Minister of Madhya Pradesh, Jagdish Devda, unveiled a budget of ₹4.21 lakh crore during the assembly session on Wednesday. This figure marks an increase of ₹48,954 crore compared to last year's budget of ₹3.75 lakh crore.
Maintaining a projected fiscal deficit of 4% of GSDP, the budget aims to double both the budget size and the state's GSDP by 2029-30.
A provision of ₹5,220 crore has been allocated under the Chief Minister Kisan Kalyan Yojana, while ₹2,001 crore is earmarked for the Pradhan Mantri Fasal Bima Yojana (crop insurance scheme).
The Finance Minister proposed an allocation of ₹18,669 crore for the Ladli Behna scheme and ₹1,193 crore for the Ladli Laxmi Yojna, along with ₹17,136 crore for the Jal Jeevan Mission.
Minister Devda emphasized the government’s commitment to good governance. He stated, "Our government has resolved to revise the allowances for government employees in line with the relevant levels of the Seventh Pay Commission starting April 1, 2025."
Additionally, a provision of ₹1,000 crore has been set aside under the Chief Minister Krishak Faral Uparjan Rahayata Yojana, with an equal amount allocated for bonuses on crop procurement from farmers at the support price.
In support of agriculture and related activities, the Minister announced ₹850 crore under the Chief Minister Krishak Unnati Yojana, along with ₹505 crore for Gau Samvardhan and Animal Conservation. To assist cowsheds protecting thousands of cows, the government has doubled the support to ₹40 per cow.
In line with Prime Minister Narendra Modi's vision for Developed India 2047, the Finance Minister highlighted the goal of Developed Madhya Pradesh 2047, stating that this budget aligns with achieving that vision.
The Minister also declared that the state's economy aims to reach 2 trillion dollars (approximately ₹250 lakh crore) by 2047.
"This budget serves as a framework to implement the 'GYAN' (Gareeb, Yuva, Annadata and Nari) mantra of PM Modi, aimed at enhancing the well-being of villages, the underprivileged, youth, food providers, women, and farmers," Minister Devda remarked.
Regarding social sector allocations, the Minister announced ₹7,132 crore under the Atal Griha Jyoti Yojana, ₹5,299 crore for free electricity supply to 5 HP agricultural pumps, ₹700 crore for the Mukhyamantri Jan Kalyan (Sambal) Yojana, and ₹1,277 crore under the Pradhan Mantri Jan Arogya Yojana (Ayushman Bharat).
The state's estimated revenue receipts stand at ₹2,90,879 crore, which includes ₹1,09,157 crore from state taxes, ₹1,11,662 crore from the central taxes share, ₹21,399 crore from non-tax revenue, and ₹48,661 crore in grants from the central government. The state's own tax revenue is projected to grow by 7% in the year 2025-26, and the capital outlay is expected to rise by approximately 31% compared to the budget estimate of 2024-25.
