Page 3 - State Budgets

No new taxes proposed in Maharashtra's Rs 600,522 cr interim Budget

Maharashtra Finance Minister Ajit Pawar on Tuesday presented a Rs 6,00,522 crore interim budget for 2024-25 with a revenue deficit of Rs 9,734 crore in the state legislative assembly here. The budget proposed no new taxes. A supplementary budget (full budget) will be presented after the Lok Sabha elections, Pawar said. With projected revenue receipts of Rs 4,98,758 crore and revenue expenditure of Rs 5,08,492 crore, there will be a revenue deficit of Rs 9,734 crore, said Pawar, who joined the Shiv Sena-BJP government as deputy chief minister in July 2023. He was finance minister in the previous Maha Vikas Aghadi government too. School Education Minister Deepak Kesarkar read out the budget in the Legislative Council. "The budget focuses on the implementation of welfare schemes for the youth, women, the poor and farmers," Pawar said in the assembly. The government aims to expand the state's economy to USD 1 trillion through sustainable, environment-friendly and inclusive development

Bommai criticises Karnataka state budget, warns of economic downturn

He stressed the need for resource mobilisation without compromising capital expenditure

Kerala govt slams Centre's stand over 'conditional' nod to borrow money

The Kerala government has flayed the Centre's stand to allow the state to borrow money only if it withdrew the case before the Supreme Court, terming it "highly disappointing" and detrimental to fiscal federalism. Addressing media here on Monday, state Finance Minister K N Balagopal claimed that the central government has informed the apex court that if Kerala withdraws its petition, the government will give the state permission to borrow around Rs 12,000 crore on Monday itself. "The state government has filed the case in the Supreme Court for the fund which is rightfully ours," he said. "The Union government's stand is highly disappointing and will affect the fiscal federalism of the state and the day-to-day activities of the state government," Balagopal added. "Our lawyer Kapil Sibal argued for us and said we were seeking the amount that is rightfully ours. We have filed the petition seeking the fund as per our constitutional rights. They have asked us to withdraw our plea and it

TN govt presents Budget 2024-25 with focus on '7 grand Tamil dream'

The Tamil Nadu government on Monday presented its budget for the year 2024-25, premising the exercise on the "7 grand Tamil dream," that included social justice and women's welfare at the core. Finance Minister Thangam Thennarasu presented the budget and made a slew of announcements. This included the "Kalaignarin Kanavu Illam," a housing scheme named after the late DMK patriarch and former Chief Minister M Karunanidhi. As per the scheme, 8 lakh concrete houses will be constructed in rural areas across the state to make it 'hut-free' by 2030, he said. Social justice, welfare of the marginalised, making Tamil youth global achievers were among the 7 goals, Thennarasu said in his budget speech. Among others, he announced allocating Rs 300 crore in budget for civic amenities including roads for areas nearby city corporations. Thennarasu said the state has made very significant progress in poverty reduction through its welfare schemes. The NITI Aayog has said that people below povert

Assam govt presents Rs 2.9 trn Budget with deficit of Rs 774 cr, no new tax

The Assam government on Monday presented a Rs 2.9 lakh crore budget for the 2024-2025 financial year with a deficit of Rs 774.47 crore and proposed no new tax. Presenting the annual financial statement for the next fiscal, Assam Finance Minister Ajanta Neog also said the government will support the education of 10 lakh girls up to post graduation level in order to eliminate child marriage from society. "The Budget Estimates of 2024-25 show a receipt of Rs 1,43,605.56 crore under the Consolidated Fund of the state. After adding the receipt of Rs 1,44,550.08 crore under Public Account and Rs 2,000 crore under Contingency Fund, the aggregate Receipts amount to Rs 2,90,155.65 crore," she added. As against this, the total expenditure from the Consolidated Fund in 2024-25 is estimated atRs 1,43,890.62 crore, Neog said. She further said that taking into account, the expenditure of Rs 1,42,670.09 crore under the Public Account and Rs 2,000 crore under the Contingency Fund, the aggregate ..

HP govt plans tax concessions for milk producers, agri schemes in Budget

The Himachal Pradesh government will consider giving tax concessions to milk producers and launch innovative schemes to increase the farmers' income in the upcoming budget, Chief Minister Sukhvinder Singh Sukhu said on Sunday. The budget session of the Himachal Pradesh Assembly will be held from February 14 to 29. The state budget will be presented on February 17. Interacting with the milk producers of the state here, he said the government was encouraging agriculture as an industry to make the farmers self-reliant. "As agriculture and milk production plays a pivotal role in promoting the rural economy, the state government is coming up with innovative schemes to increase the income of farmers in the upcoming budget, results of which would be visible in next two years", he said in a statement issued here. Fundamental changes were being made in the policies and rules to ensure that money goes directly to the farmers, he noted. The government will also consider giving tax concessio

Ram Rajya vision: Yogi 2.0 unveils Budget to become $1 trn economy

The Budget allocates almost Rs 25,000 crore for new development schemes, especially targeted for the uplift of youth, women, farmers, and the underprivileged

HP budget to focus on improving financial condition of state: CM Sukhu

Chief Minister Sukhvinder Singh Sukhu on Monday said the Himachal Pradesh budget for fiscal year 2024-25 would be framed with a focus on prosperity and improving the financial condition of the state. The Budget session of Himachal Pradesh would be held from February 14 to 29 and the budget would be presented on February 17. The government was working with the aim of 'Vyavastha Parivartan' (change in system) and focusing on rapid improvement in the financial condition of the state, a sttement quoted Sukhu as sayin. The chief minister was speaking in the 'Chaupal' programme organised by a media house in New Delhi, according to a statement issued here. He said the Himachal Pradesh government was committed to the overall development of the state and its citizens. The Congress-led state government has implemented its poll guarantee of restoring the Old Pension Scheme for government employees, Sukhu added. The chief minister said the government aims to develop Himachal Pradesh as a tou

Kerala Budget: Govt hikes excise duty on liquor, pitches for privatisation

A cash-strapped Kerala government on Monday increased court fees and excise duty on liquor and pitched for public-private funding in key areas to raise funds for the implementation of various developmental projects in the state budget for the fiscal 2024-25. Despite expectations, the government opted not to enhance social welfare pensions and also provided only a nominal increase of Rs 10 in the minimum support price for rubber -- a major cash crop of the state -- enhancing it to Rs 180 from Rs 170 earlier. Finance Minister K N Balagopal tabled the fourth budget of the second Pinarayi Vijayan government without hiding the financial constraints it is facing, while attacking the Centre for the alleged neglect it shows towards the state. Seeking to raise additional revenue, the budget proposed a hike of Rs 10 per litre in excise duty on Indian-made foreign liquor (IMFL) and an increase of 15 paise per unit in electricity duty for consumers who generate and consume energy for their own

FY25 Budget will help state become $1 trn economy: UP finance min Khanna

Uttar Pradesh Finance Minister Suresh Kumar Khanna on Monday said his budget for the next fiscal year will be all-inclusive and help the state become a USD 1-trillion economy. Talking to reporters ahead of presenting the annual budget for the financial year 2024-25 in the state assembly, Khanna said the budget will be 'Sarv Samaveshi' (all-inclusive) and 'Sarv Sparshi' (taking care of all) to ensure all-round development. "The Yogiji's (Chief Minister Yogi Adityanath) budget will take UP forward to achieve its target of becoming a 1 trillion dollar economy," he said. He further said that the upcoming budget is expected to give emphasis on infrastructure, youth employment, and women empowerment. Asked about whether the budget will give a push to BJP's religious agenda by allocating more funds to places of religious importance, he said, "all this comes under the head of infrastructure".

Kerala Budget: Support price of rubber hiked, agri sector gets Rs 1,698 cr

Kerala Finance Minister K N Balagopal on Monday presented the state's budget for the financial year 2024-25 in the assembly by allocating Rs 1,698.30 crore for the struggling agriculture sector and increasing the minimum support price for rubber to Rs 180 from Rs 170. He also set aside Rs 50 crore for extreme poverty eradication and announced Rs 134.42 crore for the cooperative sector. Tabling the fourth budget of the second Pinarayi Vijayan government, Balagopal said that though the state is facing an economic crunch and the Centre allegedly imposing financial restrictions, the LDF government would not show any compromise in the development front. Indicating that the state government would go ahead with its development plans, the finance minister said investments worth Rs three lakh crore would be brought to the southern state in the next three years. He said Rs 1,698 crore would be set aside for the traditional agricultural sector and investments worth Rs 5,000 crore would be ...

Gujarat govt presents Rs 3.32 trillion Budget; no new taxes proposed

The BJP-ruled Gujarat government on Friday presented a Rs 3.32 lakh crore budget that imposed no new taxes. Finance Minister Kanubhai Desai presented the budget for 2024-25 in the Assembly here on the second day of the Budget Session. Desai informed the House that the budget outlay of Rs 3,32,465 crore for 2024-25 indicates an increase of Rs 31,444 crore, or 10.44 per cent, over the previous fiscal. The state government presented the budget with an estimated surplus of 146.72 crore and proposed no new taxes. In his budgetary address, Desai announced a host of schemes and projects and said the state government kept GYAN Garib' (the poor), Yuva' (youth), Annadata' (farmer) and Nari Shakti' (women power) at the core while preparing the budget. Under the newly proposed Namo Lakshmi' scheme, girls studying in government, aided and private schools from Classes 9 to 12 will be given Rs 50,000 over the four years of their education. A provision of Rs 1,250 crore has been made in the bud

Budget focused on economic resilience, creates opportunities for all

It carefully allocates public resources and commits to reduce the country's fiscal debt

Budget focused on economic resilience, creates opportunities for all

It carefully allocates public resources and commits to reduce the country's fiscal debt

Budget to boost healthcare sector, bolster bulk drug manufacturing: Expert

India's interim Budget would help in addressing some of the major challenges being faced by the country in the health and pharma sector and reinforce India's standing as the Pharmacy of the World, a well-known pharma industry association head has said. The Union Health Ministry has been allocated Rs 90,658.63 crore in the interim Budget for 2024-2025, a hike of 12.59 per cent over 80,517.62 crore in the Budget (revised estimates) for 2023-2024. Finance Minister Nirmala Sitharaman said the government plans to set up more medical colleges by utilising existing hospital infrastructure and will form a committee to examine the issues and make relevant recommendations. India's commitment to promoting research and development in the life sciences sector will receive a boost with the government's plan to establish more medical colleges in the country, Karun Rishi, president of the USA India Chamber of Commerce said on Thursday. "This initiative will improve healthcare services and contribu

From Adityanath to M K Stalin, here are CMs' views on Interim Budget

It is a Budget that will help empower women, said UP CM

Gujarat Assembly session: Budget for FY25 to be presented on Feb 2

The budget session of the Gujarat assembly will begin on Thursday and the state budget for FY 2024-25 will be presented on Friday, a state minister said. The budget will reflect the vision of the state government for the next year and a road map for the next 25 years, he said. The opposition Congress has said it will corner the Bharatiya Janata Party (BJP) government on a range of issues including inflation, unemployment, and the recent boat capsize tragedy in a lake in Vadodara, resulting in the death of 12 students and two teachers. The budget session will start with the customary address of Governor Acharya Devvrat. "On the first day, the governor will present the previous year's achievements of the state government in his address to the House," Legislative and Parliamentary Affairs Minister Rushikesh Patel told reporters in Gandhinagar on Wednesday. Finance Minister Kanubhai Desai will present the budget on the next day (February 2). The budget will reflect the vision of the s

Interim Budget 2024: Some key imperatives that are need for the economy

Simplifying taxes would help businesses navigating turbulent times, writes Ketan Dalal

Centre holds all-party meet ahead of interim Budget session of Parliament

Floor leaders of various parties on Tuesday attended an all-party meeting convened by the government ahead of the Budget session of Parliament. Defence Minister and Deputy Leader in the Lok Sabha, Rajnath Singh, Parliamentary Affairs Minister Pralhad Joshi and his deputy Arjun Ram Meghwal represented the government at the meet. NCP chief Sharad Pawar, Congress' K Suresh, TMC's Sudip Bandopadhyay, DMK's T R Baalu, Shiv Sena's Rahul Shewale, Samajwadi Party's S T Hasan, JD(U)'s Ram Nath Thakur and TDP's Jayadev Galla were among the leaders present at the meeting at the Parliament House complex. It is a customary practice ahead of every session to convene a meeting as leaders of different parties highlight the issues they want to raise in Parliament, and the government offers them a glimpse into its agenda and seeks their cooperation. It will be a short session this time, between January 31 and February 9, with Finance Minister Nirmala Sitharaman set to table an interim budget ahead

Indian investors favour long-term bonds anticipating conservative budget

Recent bond auctions saw bids that surpassed expectations, said Alok Singh, group treasury head at CSB Bank