Haryana Chief Minister Manohar Lal Khattar, who also serves as the Finance minister, unveiled the government’s fifth Budget on Friday. The Budget for the fiscal year 2024-25 amounts to Rs 1,89,876.61 crore, reflecting an increase of 11.37 per cent from the revised estimates of Rs 1,70,490.84 crore for 2023-24. This allocation includes Rs 1,34,456.36 lakh crore for revenue expenditure and Rs 55,420.25 lakh crore for capital expenditure, constituting 70.81 per cent and 29.19 per cent of the total Budget, respectively.
In his Budget presentation, the Chief Minister emphasized that this people-centric Budget will position Haryana as a key player in India’s journey towards development by 2047. No new taxes have been introduced by the Khattar-led administration.
During the Budget announcement, the Finance minister highlighted the robust revenue receipts and economic growth projected for 2024-25, underscoring the absence of new tax proposals. The anticipated revenue receipts amount to Rs 1,16,638.90 crore, with tax revenue totaling Rs 84,551.10 crore and non-tax revenue at Rs 9,243.46 crore. Major sources of tax revenue include GST, VAT, excise, stamp duty, and registration. Central tax revenue is projected at Rs 13,332.23 crore, with grant in aid at Rs 9,512.11 crore. Capital receipts for the upcoming fiscal year are estimated at Rs 72,722.01 crore.
The Chief Minister outlined the vision for the next two decades until 2047 as the ‘Amrit Kaal,’ during which India is poised to become a leading developed nation globally, with Haryana playing a pivotal role in this transformation. He stressed the need for collective efforts and robust action plans to lay the foundation for a developed India and Haryana.
Khattar mentioned a proposed expenditure of Rs 8,119.24 crore for infrastructure development in public sector undertakings in the financial year 2024-25, bringing the total estimated expenditure for the year to Rs 63,539.49 lakh crore.
The Finance minister highlighted the impressive growth of Haryana’s Gross State Domestic Product (GSDP) from Rs 3,70,535 crore in 2014-15 to Rs 6,34,027 crore in 2023-24, registering a compound annual growth rate of 6.1 per cent. This faster growth compared to the national level has resulted in an increased share of Haryana’s GSDP in the All-India GDP from 3.5 per cent to 3.7 per cent during the same period. In 2023-24, Haryana achieved a year-on-year GSDP growth rate of 8.0 per cent, outpacing the national GDP growth rate of 7.3 per cent.
Regarding per capita income, the national figure rose by 114 per cent from Rs 86,647 in 2014-15 to Rs 1,85,854 in 2023-24, while Haryana’s per capita income increased by 121 per cent from Rs 1,47,382 to Rs 3,25,759 during the same period.
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