With 2-fold rise in revenue income, Gujarat expects to double net surplus
As per the breakdown of the revised estimates calculated based on mid-financial year expenditures and earnings for FY 2023-24, the government's earnings from revenue receipts has seen a jump of more than Rs 8,000 crore as compared to its previous expectations.
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Overall, with higher revenue income and lower revenue expenditure, the government has doubled its surplus estimates on revenue accounts as per FY 2023-24 budget estimate from Rs 9,038 crore to Rs 18,618 crore. (Express File Photo)Driven by its expectations on doubling the revenue accounts and an increase in surplus on public accounts, the Gujarat government Friday revised its net surplus estimate for the current financial year. Against an earlier estimate of Rs 916.87 crore for the financial year 2023-24, the revised net surplus estimates stand at Rs 2,103 crore — a more than two-fold rise.
The revised estimates come even as Gujarat clocked in a net deficit of Rs 543.18 crore against its expectation of an estimated net surplus of Rs 899 crore in 2022-23. At the same time, the state government has pegged an estimated surplus of Rs 146.72 crore by the end of the financial year 2024-25.
As per the breakdown of the revised estimates calculated based on mid-financial year expenditures and earnings for FY 2023-24, the government’s earnings from revenue receipts has seen a jump of more than Rs 8,000 crore as compared to its previous expectations.
Additionally, it is also expecting a lower revenue expenditure — by Rs 1,497 crore — as compared to its earlier estimate. The government is also estimating an excess of Rs 950 crore in public accounts, against its previous estimate.
Overall, with higher revenue income and lower revenue expenditure, the government has doubled its surplus estimates on revenue accounts as per FY 2023-24 budget estimate from Rs 9,038 crore to Rs 18,618 crore.
The government has also revised its deficit on capital accounts on the higher end — from 12,271 crore to Rs 21,614 crore — for the current year.
For the next financial year, while the state is expecting a surplus of Rs 900 crore as per budget estimates, the state has also provisioned Rs 754 crore for proposed relief in taxes, which will ultimately bring down the state’s estimated overall surplus to Rs 146 crore.
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