Akhilesh tables UP's annual Budget of Rs 3.46 lakh cr

This is his 5th consecutive and last full term Budget before 2017 UP polls

Uttar Pradesh chief minister Akhilesh Yadav today tabled his last full Annual Budget of Rs 3,46,935 crore for 2016-17 in the state legislature.

Yadav, who also holds the finance department portfolio, presented his fifth consecutive budget. With state polls due in early 2017, he would be able to only present an interim budget for the 2017-18 financial year.

Meanwhile, the Annual Budget for 2016-17 is 14.60 percent more than the Annual Budget for 2015-16 amounting to Rs 3,02,687 crore presented on February 24, 2015.

Later addressing the media, he observed the Budget aimed at spurring 'balanced development' in UP and benefitting all sections of society, including youth, farmers etc.

"In the initial budgets, we had tried to fulfill the pre-poll promises made by the Samajwadi Party (SP) and we have been successful. Now, our focus is on farmers, rural population and giving employment to the youth," he added.

The Budget has provision of Rs 13,842 crore for new development schemes. It provides Rs 1,336 crore for payment of cane arrear to farmers. The government targets to distribute crop loan of Rs 93,212 crore for purchase of fertiliser, seed etc.

For faster industrial development, it has provision of Rs 4,003 crore for the construction of Agra-Lucknow Expressway along with Rs 1,500 crore for the proposed Lucknow-Azamgarh-Ballia Samajwadi Purvanchal Expressway.

The allocation for SP's flagship free laptop scheme is Rs 100 crore to cover only the meritorious class 10th and 12th pass students.

Meanwhile, the Budget estimates receipts of over Rs 3,40,120 crore, including Rs 2,81,555 crore and Rs 58,565 crore under revenue and capital heads respectively. The revenue receipts comprise Rs 2,06,894 crore as tax revenue share, of which Rs 1,05,637 crore would accrue as UP's share in central taxes.

It projects expenditure of Rs 3,46,935 crore, including Rs 2,53,355 crore and Rs 93,580 crore by way of revenue and capital expenditure respectively.

The Budget estimates fiscal deficit of Rs 49,960 crore during 2016-17, which in absolute terms is 4.04 percent of the gross state domestic product (GSDP). However, the fiscal deficit includes bonds worth Rs 13,303 crore issued under the central government's financial reorganisation scheme Ujjwal Discom Assurance Yojna (UDAY). After deducting this amount, the fiscal deficit recedes to about Rs 36,658 crore, which is 2.97 percent of the GSDP.

Meanwhile, Rs 28,200 core is estimated as revenue surplus. The public debt of UP is estimated at 30.30 percent of the GSDP.

After deducting total expenditure from receipts of consolidated fund, a deficit of Rs 6,814 crore is estimated. Besides, net receipt of Rs 7,200 crore is estimated from public account.