Akhilesh tables interim Budget of Rs 260k crore for 2014-15

Also presents vote on account of Rs 80,086 cr for Apr-July 2015

Uttar Pradesh Chief Minister Akhilesh Yadav on Friday tabled the interim Budget of Rs 2,59,848 crore for 2014-15 in the state Assembly.

During 2011-12, 2012-13 and 2013-14, the annual budget was estimated at Rs 1,69,416 crore, Rs 2,00,110 crore and Rs 2,21,201 crore respectively. This way, the interim Budget estimates are almost 18 per cent higher, compared to the corresponding figure for the current fiscal.

Yadav, who also holds the finance portfolio, presented a ‘vote-on-account’ of Rs 80,086 crore for the first four months (April-July) of 2014-15.

A vote-on-account, as against the full Budget, is tabled in the Assembly for approval, if the state election is due around the end of the fiscal year.

However, even though the assembly election is not due this time round, the government went ahead with the vote-on-account, claiming not much time was left to discuss the full Budget in the Assembly before Lok Sabha poll dates were announced by the Election Commission and the model code of conduct came into force.

In the absence of a full Budget, a vote-on-account ensures sufficient finances at the disposal of the incumbent regime to run the administration and incur expenditure under important heads for the stipulated duration.

While tabling the Budget, Yadav said expenditure estimates of only committed or underway projects had been included in the interim Budget.

The annual interim financial statement estimated a deficit of Rs 5,181 crore in 2014-15. Against this budgetary deficit, the government has estimated net savings of Rs 2,015 crore after adjusting Rs 4,130 crore from the public account and considering Rs 3,066 crore in the opening balance of the fiscal.

According to the interim Budget, the government expects total receipts of Rs 2,54,667 crore against the expenditure of Rs 2,59,848 crore.

Total receipts comprise Rs 2,15,847 crore and Rs 38,820 crore in revenue and capital receipts respectively. Capital receipts include Rs 38,329 crore and Rs 490 crore in public debt and loans/advances respectively.

Under revenue receipts, Rs 80,156 crore would accrue from state taxes, Rs 72,977 crore from Uttar Pradesh’s share in central taxes, non-tax revenue of Rs 17,866 crore and central grants of Rs 44,848 crore.

The interim Budget mentioned Plan and non-Plan expenditure of Rs 88,624 crore and Rs 1,71,225 crore respectively, while, revenue and capital expenditure comprise Rs 1,97,857 crore and Rs 61,991 crore respectively.

The Budget estimated the fiscal deficit at Rs 24,131 crore, which is 2.52 per cent of the projected Gross State Domestic Product of the state in 2014-15.