Haryana FM dubs state budget 'growth oriented'

Describing the state budget 2016-17 as "growth oriented and people friendly", Haryana Finance Minister Capt Abhimanyu today said he tried to ensure welfare of all the sections of the society while no fresh tax was imposed.
However, he dubbed the financial impact of UDAY scheme for power distribution companies and hike in salaries due to 7th Pay Commission as major challenges before the state.
The minister was replying to the debate on budget estimates in the ongoing budget session of Haryana Vidhan Sabha here today.
He said that the budget presented by him incorporated increase of social security pensions in future as well as report of Pay Anomaly Commission, that would benefit about 62,000 employees.

Referring to the impact of UDAY scheme on Budget estimates, he said the debt burden of about Rs 35,000 crore of power distribution companies has been taken by the government to lessen the burden of interest and debt on discoms.
The state government has decided to take over the outstanding debt of discoms in this budget which would benefit to the tune of about Rs 1,200 crore per year of interest.

As and when losses of power companies come down, the benefit should be given to consumers in power tariff. "With this budget, we are moving forward in improving target of fiscal deficit, revenue deficit, GDP target, revenue receipts and state's own resources", he said.

He also said it shall be appropriate to compare the figures of the budget estimates without the impact of UDAY with the budget estimates of last fiscal.
Referring to the opposition charge of exceeding loan limits, the Minister said that the state government had borrowed loan within the limit of the Fiscal Responsibility and Budget Management (FRBM) Act and it was as per the norms of the central government.
He said that debt to GSDP ratio in year 2015-16 was expected at 19.05 per cent. But this ratio stood at 23.44 per cent in the year 1999-2000, 23.81 per cent in 2000-01, 25.75 per cent in 2001-02, 25.08 per cent in year 2002-03 and 26.09 per cent in the 2003-04.

He said as a result of the efforts made by the government, fiscal deficit to GSDP is projected as 2.47 per cent in the year 2016-17 which remained upto 4.13 per cent between the year 1999 and 2004-05.
Referring to the opposition charge of reduction in allocation of Scheduled Castes Component in the budget, he said that the State government had earmarked a plan outlay of Rs 6,373.48 crore, which is 20.3 per cent of the total plan outlay, for the welfare of Schedule Castes under SCSP component in the year 2016-17. This allocation is 34.47 per cent higher as compared to the allocation of previous year.