Raipur:Chief Minister Baghel presented the village-centric new economy based ‘Chhattisgarh Model’ budget of Rs 1,12,603 crore for the state for fiscal 2022-23 with gross financial deficit estimated at Rs 14,600 crore. The gross deficit is 3.3 per cent of the Gross State Domestic Product (GSDP). The Chief Minister said that there is no tax proposal for the year 2022-23.
The highest 40 per cent budget provision has been made for economy sector followed by 37 per cent budget provision for social sector and 23 per cent budget provision has been made for general sector, said the Chief Minister during his budget speech.
The budget estimate of total receipts in the year 2022-23 is Rs 1,04,000 crore, which is 7 per cent more than the estimated budget receipts of the previous year. Out of the total receipts, the state’s revenue receipts are estimated at Rs 44,500 crore, the receipts from the Centre are estimated at Rs 44,573 crore and the capital receipts are estimated at Rs 14,927 crore.
The next expenditure after subtraction of repayment of loans and of recoveries from gross expenditure is estimated at Rs 1,04,000 crore. The revenue expenditure is Rs 88,372 crore and the capital expenditure is Rs 15,241 crore which is 14.6 per cent of the total expenditure.
The budget estimate of net expenditure has increased from 97,106 crore Rs 99,559 crore, said the Chief Minister. In the year 2021-22, the revised estimate is Rs 99,601 crore as compared to budget estimate of Rs 97,145 crore for 2022-23.
Speaking on the fiscal status, Chief Minister said that provision has been made to constitute a “Karai VardhanCell’ for augmentation of revenue by analysis/review of taxation act/rules, tax rates, data prevailing in revenue collection departments. The Chief Minister announced imposition of Employment and Youth Development Cesson registration fee of records by the Registration Department, thereby generating additional revenue of Rs 100 crore. As on March 2021, the debt burden of the State is 80 per cent of the total budget which is 22 per cent of the Gross State Domestic Product, which, according to the Chief Minister, is much better in comparison to Government of India and other states. The Chief Minister said that total revenue surplus of Rs 702 crore has been estimated in the year 2022-23.
Describing the budget as a strong effort to realize Mahatma Gandhi’s basic mantra of extending the benefits of the government’s welfare schemes to the last person of the society, Baghel said that the budget is dedicated to all-round development of the state. The budget broadly is a strong step towards fulfilling the objectives aligned with the village-centric new economy based ‘Chhattisgarh Model’.
After long gap, budget for revenue surplus has been presented in Chhattisgarh by Chief Minister BhupeshBaghel on Wednesday due to efficient financial management during COVID crisis. State Government’s public welfare schemes for villages, poor, farmers, forest dwellers and labourers have improved the economic condition of these sections resulting in revenue surplus budget. There has been a tremendous boom in all the sectors of the state despite the worldwide recession. According to the Economic Survey, there has been an increase of 11.54 percent in GSDP this year, as compared to 2020-21. Per Capita Income has increased by 11.93 percent, said the Chief MInister.
The state has registered a growth of 3.88 percent in agriculture, 15.44 percent in industrial sector and 8.54 percent in service sector. Chhattisgarh is at par with national growth rate of agriculture sector. Likewise, growth rate of Chhattisgarh in industrial sector is 3.64 percent more than the national level.
State’s GDP is 13.60 percent higher in this financial year than last year. As a result of State Government’s continuous efforts, State’s revenue collection has increased by 27 percent while the revenue received from the Centre has increased by 1 percent. This year, budget for social sector as well as infrastructure has been increased.