Latest NorthEast India News | Assam Finance Minister Ajanta Neog lays Rs 774.47-crore deficit Budget sans new tax

Motto of the budget: Self-reliant Assam

Staff Reporter

GUWAHATI: Without imposing any additional tax burden on the people, State Finance Minister Ajanta Neog presented a Rs 774.47 crore deficit Budget for the financial year 2024-25. The estimated outlay of the budget is Rs 1,43,890 crore.

The motto of the budget is ‘self-reliant Assam’ through a big push for infrastructure, education, tourism, connectivity, and health; promoting investment; women’s empowerment; cultural renaissance; fostering a greener economy; and sustained growth and creation of jobs.

Presenting the Budget in the State Assembly today, Neog said, “A peaceful environment and robust economic foundation act as catalysts to propel a state on its growth trajectory. In its development journey, the main motto of our government is to build a self-reliant Assam. Our triumphs and achievements of the recent past have inspired us to build the foundation of an ‘atmanirbhar’ Assam. A document that stands testament to this inspiration is the budget that I am presenting today. This budget reflects the hopes and expectations of a confident and self-reliant Assam.”

She said, “I am also happy to inform the House that the contribution of the state’s economy to the national economy has also been increasing. At current prices, the contribution of the GSDP of Assam has recorded a rise from 1.65 percent in 2016-17 to 1.81 percent in 2022-23. The state is fast catching up on its per capita income, which has been almost more than double in the last seven years by 2022-23. The per capita income of the state at current prices for the years 2022-23 is Rs 1,20,336 as compared to Rs 66,330 in 2016-17.”

On budgetary expenditure, she said, “It has increased to Rs 1,27,283 crore in 2022-23 against Rs 41,931 crore in 2015-16. Capital expenditure has increased from Rs 2,951 crore in 2015-16 to Rs 16,338 crore in 2022-23. This unprecedented enhancement in the pace of capital expenditure in Assam can be attributed to creating a global head for education, building, health, home departments, and roads.”

The minister said, “There has been a growth of 30.7 percent in the state’s own revenue in 2022-23 compared to 2021-22. This

kind of phenomenal growth is unprecedented and has been possible due to a slew of reforms across all revenue-generating departments. This growth in revenue is reflected in all segments like taxation, excise, forest, land revenue, transportation, etc.” She further said that Assam is among the top few states in the country with the highest growth in GST collection. “GST and non-GST collection till January 31, 2024 is Rs 18,474 crore registered, a growth of 14 percent compared to the corresponding period last year.”

The minister said, “The estimated transactions during 2024-25 will result in an estimated surplus of Rs 1,594.94 crore. This, together with the opening deficit of Rs 2,399.41 crore, will lead to a budget deficit of Rs 774.47 crore at the end of the financial year 2024-25.”

She said, “This year, I propose to undertake an energy audit of government establishments to reduce the carbon footprint of the buildings. All new buildings, private and public, constructed in the state shall mandatorily install rooftop solar facilities. The state government will host a global investors’ summit in November 2024.”

 Rupee comes from

¨  State tax revenue: Rs 34,149 crore

¨  Non-tax revenue: Rs 8,871 crore

¨  Share of central taxes: Rs 40,000 crore

¨  Centrally sponsored schemes: Rs 23,197 crore

¨  Finance Commission grant: Rs 4,806 crore

¨  Other transfers or grants to states: Rs 921 crore

¨  Public debt: Rs 29,441 crore

¨  Recoveries of loans: Rs 2,221 crore

Rupee goes to

¨  Social services: Rs 55,088 crore

¨  General Services: Rs 49,555 crore

¨  Economic services: Rs 31,153 crore

¨  Public debt: Rs 7,192 crore

¨  Loan and advance: Rs 11 crore

¨  Grants-in-aid: Rs 891 cro

Major announcements

¨  Reservation for Agniveers in Assam Police.

¨  Self-sufficiency in egg, milk, and fish production.

¨  Promotion of small tea growers.

¨  Thrust on rooftop solarization.

¨  a comprehensive school health programme.

¨  Village and community outreach programme for MBBS students.

¨  The third Assam Bhawan in New Delhi.

¨  Championee digital transformation and artificial intelligence.

¨  Supporting the employees of different societies.

¨  Jeebika Sakhi Express for women.

¨  Social equity in government recruitment for families that do not have a single employee in the government or public sector.

¨  Innovative integration of wetlands with the Bramaputra for flood water diversion.

¨  Housing for Safai Karmacharis.

¨  Grants for 50 new cinema halls to boost the cinema industry.

¨  Promoting the Taralangshu festival in line with the Hornbill Festival.

¨  Setting up Mukhyamantrir Sangrahalaya, which would be a state-of-the-art museum in Guwahati.

 Also Read: This budget will make Assam Rs 10-lakh crore economy: CM Himanta Biswa Sarma