Synopsis
On March 12, Madhya Pradesh's Finance Minister Jagdish Devda presented a budget of Rs 4.21 lakh crore, reflecting a 15% increase from the previous fiscal year. The budget emphasizes good governance and aims to double the budget size and GSDP by 2029-30.Key Takeaways
- Budget size: Rs 4.21 lakh crore
- Fiscal deficit: 4% of GSDP
- Chief Minister Kisan Kalyan Yojana: Rs 5,220 crore
- Jal Jeevan Mission: Rs 17,136 crore
- Vision 2047: 2 trillion dollar economy
Bhopal, March 12 (NationPress) The Finance Minister of Madhya Pradesh, Jagdish Devda, introduced a Rs 4.21 lakh crore budget in the state Assembly on Wednesday.
This marks an increase of Rs 48,954 crore compared to last year's budget of Rs 3.75 lakh crore.
With a planned fiscal deficit of 4 percent of GSDP, this budget aims to double both the budget size and GSDP of the state by 2029-30.
The Finance Minister allocated Rs 5,220 crore for the Chief Minister Kisan Kalyan Yojana and Rs 2,001 crore for the Pradhan Mantri Fasal Bima Yojana (crop insurance scheme).
An allocation of Rs 18,669 crore was proposed for the Ladli Behna scheme and Rs 1,193 crore for the Ladli Laxmi Yojna. Additionally, Rs 17,136 crore was earmarked for the Jal Jeevan Mission.
Devda emphasized the government's commitment to good governance, stating, "Our government has resolved to align the allowances for government employees with the relevant tiers of the Seventh Pay Commission starting April 1, 2025."
Furthermore, the Minister announced a provision of Rs 1,000 crore for the Chief Minister Krishak Faral Uparjan Rahayata Yojana and an equal amount for crop procurement bonuses to farmers at support prices.
For agricultural and allied activities, an allocation of Rs 850 crore was proposed under the Chief Minister Krishak Unnati Yojana, and Rs 505 crore under Gau Samvardhan and Animal Conservation. To support various cowsheds, Rs 40 per cow will be provided, doubling from last year.
In line with Prime Minister Narendra Modi's vision for a Developed India by 2047, the Finance Minister stated, "Our government also envisions a Developed Madhya Pradesh by 2047; this budget is a step toward achieving that goal."
The Minister declared that the state's economy should reach 2 trillion dollars (approximately Rs 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 producers, women, and farmers," he added.
Regarding social sector allocations, Minister Devda announced Rs 7,132 crore for the Atal Griha Jyoti Yojana, Rs 5,299 crore for free electricity reimbursements for agricultural pumps, Rs 700 crore for the Mukhyamantri Jan Kalyan (Sambal) Yojana, and Rs 1,277 crore for the Pradhan Mantri Jan Arogya Yojana (Ayushman Bharat).
The estimated revenue receipts for the state total Rs 2,90,879 crore, including the state's own tax revenue of Rs 1,09,157 crore, the state's share in central taxes of Rs 1,11,662 crore, non-tax revenue of Rs 21,399 crore, and grants-in-aid from the Center of Rs 48,661 crore. It is projected that the state's own tax revenue will increase by 7 percent in 2025-26 compared to the budget estimate for 2024-25. Additionally, capital outlay is expected to rise by approximately 31 percent in 2025-26 compared to the previous budget estimate.
