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Monday, June 27, 2022

‘Limited fiscal deficit due to able financial management’

CM calls it 5-yr vision document aimed at achieving holistic goals: ‘reflects aspirations of 25 cr people’

Written by Maulshree Seth | Lucknow |
May 27, 2022 6:29:31 am
Indian Express, India news, current affairs, Indian Express News Service, Express News Service, Express News, Indian Express India NewsChief Minister Yogi Adityanath

Uttar Pradesh Chief Minister Yogi Adityanath on Thursday called the first Budget of his government’s second term a “five-year vision document” aimed at achieving the goal of holistic development. He said the Budget was in tune with the “aspirations” of 25 crore people of the state.

“This budget is our government’s vision for the next five years. This budget is in accordance with the aspiration of 25 crore people of the state. It has been prepared keeping in mind every section of people – villagers, the poor, youths, farmers, women, labourers, everyone,” Adityanath said at a post-Budget press meet, where he was accompanied by Deputy Chief Ministers Keshav Prasad Maurya, Brajesh Pathak, Finance Minister Suresh Khanna and Cabinet Minister Swatantra Dev Singh.

Stating that despite setbacks to the economy in the past two years due to the Covid pandemic, the chief minister said the size of the budget has been doubled from Rs 3.46 lakh crore in 2015-16 when the Samajwadi Party government was in power to now Rs 6.15 lakh crore.

“The size of the Budget has increased because of increase in revenue despite two years of the pandemic… We have been able to limit our fiscal deficit to 3.9 per cent of the Gross State Domestic Product, which is well below the FRBM ceiling of 4.5 per cent… despite undertaking all welfare schemes, as well as undertaking new infrastructure projects,” the chief minister said, crediting it to “able financial management”.

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He said that in order to increase the Budget’s outlay, the revenue collection has been increased. “Five years ago, when there were sales tax and VAT, the collection used to be around Rs 51,800 crore. Now the collection from taxes has increased to around Rs 90,000 crore. Similarly, revenue from excise, stamp and registration as well as mining has increased manifold in the state along with an increase in per capita income,” he added.

The chief minister also said that his government could come up with a supplementary budget in December.

In the Rs 6.15 lakh crore budget outlay, provisions worth Rs 39,181 crore have been made for new schemes alone. Among the sectoral allocations, a maximum increase has been seen in the provisions for infrastructure and industrial development, followed by health and family welfare, and social welfare.

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Earlier in the day, Adityanath in a tweet said the Budget was a resolution towards “Atmanirbhar Uttar Pradesh”.

While the government aims at attracting investment of Rs 10 lakh crore in the next five years, investment in infrastructure development has therefore been kept in focus.

Post pandemic, the government has been focusing on ramping up health infrastructure. The Budget has set aside Rs 21,00 crore for setting up new medical colleges in 14 districts, while Rs 100.45 crore has been set aside for establishing Atal Bihari Vajpayee Medical University in Lucknow, and Rs 113 crore for Ayush University in Gorakhpur.

A major chunk of the outlay – Rs 18,561 crore – has been set aside for the construction of roads and bridges in the state. Also, Rs 500 crore has been set aside for the development of the first phase of industrial corridors along all the expressways in the state.

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