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Haryana Budget Analysis 2023-24
The Chief Minister of Haryana, Mr. Manohar Lal Khattar, presented the Budget for the state for the financial year 2023-24 on February 23, 2023.
Budget Highlights
Policy Highlights
A trust Haryana Parivar Suraksha Nyas has been established to consolidate existing insurance schemes. It implements - Mukhyamantri Haryana Karamchari Durghatna Bima Yojna (for C and D category employees and safai karamcharis), Mukhyamantri Vyapari Samuhik Niji Durghatna Bima Yojna (for small traders) and Mukhyamantri Parivar Samriddhi Yojana (social security net to Antyodaya families).
Mukhyamantri Vyapari Khsatipurti Bima Yojna will become operational on 1 April 2023. It is a welfare scheme for street vendors, small traders and businesses having an annual turnover of upto ?1.50 crore. Under the scheme, compensation will be provided in case of loss of assets due to any natural causes or fire.
A new scheme has been proposed named Deen Dayal Upadhyay Antyodyay Parivar Suraksha Yojana for providing assistance in case of death or disability in respect of a member of a family having annual income of upto ?1.80 lakh. The proposed assistance shall be ?1 lakh upto the age of 6 years, ?2 lakh above the age of 6 years upto the age of 18 years, ?3 lakh for age above 18 years upto 25 years, ?5 lakh for age over 25 years upto 40 years and ?2 lakh for the age of above 40 years upto the age of 60 years.
The benefit amount will include the amount of ?2 lakh under PMJJBY which is available in the age bracket of 18-40 years only.
In 2023-24, the government proposed to establish 3 new centre of Excellences:
a) Panchkula- On post harvest management
b) Pinangawan in Nuh district- for Onions
c) Munipur in Jhajjar district- for flowers
A new scheme to install Grid Connected Roof Top (GCRT) Solar power plants in social and community institutions run by government and NGOs will be taken up in 2023-24.
3 Multi Modal Logistics Parks (MMLP) are proposed to be developed in Hisar, Ambala and Mahendragarh districts.
Haryana Skill Development Mission will provide skill training in National Skill Qualification Framework aligned job roles to 2 lakh unemployed youths through specific trainings and courses in 2023-24. A sum of Rs 250 crore has been allocated for this purpose.
Mukhyamantri Kaushal Mitra Fellowship Scheme will be created by Shri Vishwakarma Skill University (SVSU) as a pilot scheme. The scheme will engage youth and empower them with skills that will be a leverage for nation.
Proposal to take up three metro links in 2023-24:
a) Metro link from Rezangla chowk to the Indira Gandhi International Airport in Delhi
b) Metro link from Southern Peripheral Road to Panchgaon via Global City and Manesar
c) Extension of the Bahadurgarh Metro upto Asaudha to connect with the Haryana Orbital Rail Network and Kundli-Manesar-Palwal (KMP) expressway.
Haryana’s Economy
Deficits, Debt, and FRBM Targets for 2023-24
The Haryana Fiscal Responsibility and Budget Management Act, 2005 provides annual targets to progressively reduce the outstanding liabilities, revenue deficit and fiscal deficit of the state government.
Revenue Deficit
A long-standing recommendation of successive Finance Commissions (FCs) has been that states should eliminate revenue deficit. Fiscal Responsibility and Budget Management Acts of various states also require states to eliminate revenue deficit. Eight states observed a revenue deficit in all years between 2015-16 and 2019-20. These include Andhra Pradesh, Haryana, Kerala, Punjab, and Rajasthan.
15th FC has recommended grants for eliminating revenue deficit to 17 states during the 2021-26 period. The 15th FC had recommended revenue deficit grants of Rs 132 crore only for 2021-22 for Haryana and not for subsequent years. However, in 2022-23 budget estimates, the state has accounted for revenue deficit grants of Rs 659 crore. removed.
Revenue deficit: It is the difference of revenue expenditure and revenue receipts. A revenue deficit implies that the government needs to borrow to finance those expenses which do not increase its assets or reduces its liabilities. The budget estimates a revenue deficit of Rs 16,949 crore (1.5% of the GSDP) in 2023-24. In 2022-23, revenue deficit is estimated to be Rs 18,005 crore (1.8% of GSDP), which is 85% higher than the budget estimate (Rs 9,774 crore).
Fiscal deficit: It is the excess of total expenditure over total receipts. This gap is filled by borrowings by the government and leads to an increase in total liabilities. Haryana’s fiscal deficit is estimated to be 3.0% of GSDP in 2023-24 (Rs 33,274 crore). In 2022-23, fiscal deficit is expected to be 3.3% of GSDP, higher than the budget estimate by about 0.3 percentage point.
Outstanding liabilities: Outstanding liabilities is the accumulation of total borrowings at the end of a financial year, it also includes any liabilities on public account. In 2023-24, the outstanding liabilities is estimated to be 25.5% of GSDP.
Additional facts:
E-Libraries – 979 buildings are being repaired for the establishment of e-libraries at a total cost of Rs 370 crore.
Two schools, a senior secondary school and an elementary school in every block and developed as Pradhan Mantri Schools for Rising India (PM SHRI) Model Sanskriti School
Gross enrolment ratio (GER) in higher education in Haryana to reach 40 per cent by 2030 from 32 per cent now.
Fleet strength of Haryana Roadways to increase from 4,500 to 5,300. City bus service to be introduced in several cities. New multi-modal bus ports to come up in Gurugram, Ballabhgarh, Hisar, Sonipat, Karnal and Pipli on PPP mode and a city interchange terminal near City Center in Gurugram.
The eligibility age limit for senior citizens to avail of concessional fare reduced from 65 to 60.
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