India News | No New Tax in Bihar Budget

Patna, Feb 28 (PTI) Bihar Finance Minister Tarkishore Prasad on Monday presented a revenue surplus budget for the state for the next fiscal, which imposed no new tax and put thrust on education, health, industry, agriculture, and rural-urban infrastructure.

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Presenting the annual budget in the assembly, Prasad, who is also the deputy chief minister of the state, said Bihar's total expenditure for the next fiscal has been fixed at Rs 2,37,691.19 crore against the total receipts of Rs 2,37,891.94 crore.

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An expenditure of Rs. 2,37,691.19 crore has been estimated for the year 2022-23, which is Rs. 19,388.49 crore more than Rs. 2,18,302.70 crore for the year 2021-22 budget estimate, he said.

“For the year 2022-23 revenue surplus is Rs. 4,747.84 crore. This revenue surplus will be used for investment in physical infrastructure generating productive capital assets like roads, buildings, power, schools, health centre's and irrigation schemes,” Prasad said.

The GDP growth rate in the state is estimated to be 9.8 per cent, he said.

Bihar, he asserted, is one of those states which have taken its fiscal responsibility seriously and implemented the Fiscal Responsibility and Budget Management (FRBM) Act in letter and spirit.

“In 2022-23 we are again likely to generate a revenue surplus and the fiscal deficit is likely to be contained at 3.47 per cent of state GDP. In the 2021-22 financial year, the central government has provided additional borrowing limit of up to one per cent of GSDP,” he said.

The fiscal deficit to GSDP has been maintained within the statutory limit of 3.5 per cent as per the FRBM Act. For the year 2022-23, the estimated fiscal deficit is Rs. 25,885.10crore, which is 3.47 per cent of GSDP.

Prasad said that in 2022-23 expenditure of the education department is estimated at Rs 39,191.87 crore, whereas in the health sector the estimated expenditure is estimated to be Rs 16,134.39 crore.

"These two sectors are being given top priority by our government and funds will be allocated accordingly,” he said. Other sectors like industry and agriculture will also be given top priority by the government in the coming financial year.

Prasad said Rs 5,000 crore has been allocated for the second phase of ‘Saat Nischay' (seven resolves) programme, which was implemented immediately after the Nitish Kumar-led NDA's return to power in the state in November 2020. Promotion of entrepreneurship, enhancement of skill, improvement of irrigation facilities, strengthening of health infrastructure, better connectivity and development of clean and prosperous villages and cities are some of the components of the seven resolves.

The state government, he said, has decided to allocate Rs 200 crore for the chief minister's self help allowance scheme, Rs 225 crore for Kushal Yuva Program, Rs 847 crore for the Swacch Gaaon, Samriddh Gaaon scheme.

The allocation in the 'Swacch Gaaon, Samriddh Gaaon' scheme will be spent for the installation of solar street lights in all villages.

Rs 700 crore has been sanctioned for Bihar student credit card scheme in 2022-23. Under the Swacch Shahar, Vikasit Shahar scheme, old age homes will be set up in all districts of the state, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)