₹ 2.41 lakh crore budget presented in MP Assembly; no increase in taxes

The expected revenue expenditure is ₹ 1,72,971 crore and the proposed capital expenditure is ₹ 44,152 crore.

Madhya Pradesh Finance Minister Jagdish Devda on Tuesday presented a budget of ₹ 2.41 lakh crore for 2021-22 in the Assembly with no additional tax burden.

The revenue receipts in 2020-21 are expected to fall by more than five per cent due to the impact of the coronavirus pandemic. On the other hand, overall revenue increase in the next fiscal is estimated at 33 %, he said.

The budget aims at implementation of government schemes in a mission mode for an “Aatmanirbhar (self-reliant) Madhya Pradesh”, and effort was made to ensure people’s participation to reflect their expectations, Mr. Devda said.

“A provision of total appropriation of ₹ 2,41,375 crore has been made for FY 2021-22. Total receipts for the next financial year are estimated at ₹ 2,15,954 crore against a net expenditure of ₹ 2,17,123 crore,” Mr. Devda said.

The revenue receipts are estimated at ₹ 1,64,677 crore, including the state’s own tax income of ₹ 64,914 crore and ₹ 52,247 crore from its share in central taxes, he said.

The expected revenue expenditure is ₹ 1,72,971 crore and the proposed capital expenditure is ₹ 44,152 crore, the finance minister added.

An amount of ₹ 1.12 lakh crore has been allocated for socio-economic development schemes, he said.

As a result of the impact of the coronavirus pandemic, revenue receipts for 2020-21 are estimated to fall 5.05 % compared to 2019-20, Mr. Devda said.

The capital expenditure is estimated to increase by 42.6 % in 2021-22, he added.

A 22 % increase is estimated in the state’s own revenue in 2021-22.

“The budget estimates for tax and non-tax revenue collection for next financial year is 33 % higher in comparison to 2020-21. However, there is no proposal of new tax or increase in the existing taxes,” the minister said.

The budget makes a provision of ₹ 24,911 crore for the scheduled tribe sub-plan and ₹ 17,980 for scheduled caste sub-plan.

₹ 5,762 crore has been allocated for providing tap water to households under the Jal Jeevan Mission. A provision of ₹ 9,793 crore has been made for the establishment of primary schools.

Funds have also been allocated for constructing 2,441 km of roads and 105 railway over-bridges.

The Public Works Department will get ₹ 7,341 crore for developmental works, Devda said.

An amount of ₹ 3,200 crore has been allocated under the CM’s Farmers’ Welfare Scheme under which ₹ 4,000 are paid to each eligible farmer annually.

A provision of ₹ 4,592 crore has been made under the Atal Krishi Jyoti Yojana and ₹ 900 crore for the development of smart cities, the minister said.

A provision of ₹ 262 crore has been made for metro train networks in Bhopal and Indore.

The Gross State Domestic Product (GSDP) of Madhya Pradesh is estimated to reach ₹ 10 lakh crore in FY 2021-22, Mr. Devda said.

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