Shivraj Singh Chouhan led Madhya Pradesh Government on Tuesday presented a Rs. 1.17 lakh crore budget for the financial year 2014-15. This marks an increase of 14.7 per cent over last year's Budget of Rs. 1.02 lakh crore.
A highlight of the Budget is that it has not imposed any fresh tax. On the contrary, tax on several items has been reduced. Tax has been exempted for 34 farm implements.
The agricultural sector has got the bulk of the allocation at Rs. 22,413, more than 19 percent of the total budget.
Presented by Finance Minister, Jayant Malaiyya, the Budget projects a fiscal deficit of Rs. 13,425 crore, 2.98 pr cent of the GDP. ``It was well within the prescribed limits”, he noted.
In a statement, Chief Minister Shri Shivraj Singh Chouhan described the Budget as an example of State's efficient fiscal management and said it was designed to help Prime Minister Narendra Modi in his efforts to tackle inflation.
Recalling that a decade ago, in 2003-04, 22 percent of revenue receipts went towards payment of interest on loan, he noted that it was down to just six percent now.
The Budget was the roadmap for the Vision Document 2018 prepared for the development of the State. “Funds have been allocated in the budget for development programmes and schemes keeping in view the roadmap to get included Madhya Pradesh among most developed states of the country by year 2018”, he said.
He particularly noted that provision has been made for Narmada-Gambhir Link Project after Narmada-Kshipra Link Project and for starting light metro train in Bhopal, Indore and Jabalpur.
“In view of requirement of human resources, budget for technical education has been increased by 40 percent. Now, upto Rs. one crore loan will be given under Mukhyamantri Yuva Swarozgar Yojana. Adequate arrangements have been made keeping in view education, health and women’s empowerment. Tax relief has been given on highly essential goods. This budget is an effort to ensure upliftment of every section of society'', he added.
