Why in news:

• The state government of Himachal Pradesh has announced the Budget for the financial year 2024-25.

Budget 2024-25 Highlights

Budget Overview

• Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu presented the budget for 2024-25, amounting to Rs 58,444 crore.
• The budget is rural-centric, emphasizing the development of the agriculture sector and aims to transform Himachal Pradesh into a green state by 2026, without imposing new taxes.

Focus on Agriculture and Livelihood

• The state government has announced that the MSP for cow milk will be increased from Rs 38 to Rs 45 per litre and for buffalo milk from Rs 47 to Rs 55 per litre.
• It is noteworthy here that the introduction of MSP on milk makes Himachal Pradesh the first state to implement such initiative, providing a boost to dairy farming and rural economy.

Financial Details

• Revenue receipts for 2024-25 estimated at Rs 42,153 crore, with total revenue expenditure at Rs 46,667 crore, resulting in a projected revenue loss of Rs 4,514 crore.
• The fiscal deficit is estimated at Rs 10,784 crore, equivalent to 4.75% of the state's GDP.

Welfare Measures and Incentives

• As part of its social welfare strategy, the state government has announced an increase in daily wages of MGNREGA workers from Rs 240 to Rs 300 per day, demonstrating the government's commitment to improving the livelihood of rural workers.
• There is also proposal to raise MLA discretionary grant from Rs 13 lakh to Rs 14 lakh, aiming to empower local representatives for better governance.

Development Initiatives

• The Budget involves announcement of 4% additional dearness allowance for government employees from April 1, 2024, with an estimated financial burden of Rs 580 crore, contributing to public sector welfare and economic growth.
• Introduction of the Rajiv Gandhi Prakritik Kheti Yojana to train 36,000 farmers in natural farming techniques, fostering sustainable agricultural practices.

Education and Social Welfare

• Inclusion of English education from class one in government schools, indicating a focus on enhancing educational standards and promoting linguistic proficiency.
• Provision for free medical facilities and housing for Valmiki community workers, addressing social welfare needs and promoting inclusivity.

Emphasis on Self-reliance

• The budget focuses on revenue receipts and expenditure, loan repayment, grants for autonomous institutions, and promoting self-reliance through tough decisions, reflecting a prudent and sustainable financial approach.