Deputy Chief Minister Nitin Patel on Tuesday presented a Rs 2.04 lakh crore Budget for the current financial year, an 8% increase over the revised estimates of the previous fiscal, with key focus on water management, green energy, environment, agriculture and farmers' welfare and employment.
This Budget indicates an overall surplus of Rs 285 crore and a revenue surplus of Rs 2,874 crore. It is the eighth consecutive Budget presented with revenue surplus.
Developmental expenditure of the state stood at Rs 1.27 lakh crore, of which more than 56% has been allocated towards social services. Gujarat recorded a gross state domestic product (GSDP) of Rs 15.01 lakh crore at current prices in 18-19, as per Advance Estimates, which is 14.2% higher than in 2017-18. "This is for the sixth consecutive year the state's economy has achieved impressive growth of 10%. It was 11.2% for the year 2017-18," said Patel.
Revenue receipts stand at Rs 1.54 lakh crore, higher by 10% against the revised estimates for 2018-19. Revenue expenditure is estimated at Rs 1.51 lakh crore.
Patel, who is also the state's finance minister, was content with the fact that the fiscal deficit of Rs 31,787 crore stood at 1.84% of GSDP, which is well within the 3% ceiling prescribed under the Fiscal Responsibility and Budget Management Act. The Public Debt (Revised Estimates) at the end of the fiscal 2018-19 stood at Rs 2.40 lakh crore, or 16.03% of GSDP. It has dropped from 25.6% in 2006-7 and is estimated to further drop to 15.69% of GSDP in 2019-20.
Gujarat has consistently achieved the targets prescribed under the FRBM Act. "It undertook a number of steps to move forward on the path of fiscal correction and consolidation. The state achieved all parameters of Gujarat Fiscal Responsibility Act well before the stipulated time and adhered to the recommendations of the 13th Finance Commission," said the Budget document. The average cost of debt has dropped to 8.53% against 10.79% in 2004-05.
On the expenditure side, the Budget targeted farmers, the weaker sections of the society and improving the overall water situation in the state. The government has announced electricity connections to all the 1.25 lakh farmers whose applications for the same are pending. It has extended the coverage under MA and MA Vatsalya scheme to Rs 5 lakh which at present covers 74 lakh beneficiaries.
It has also brought out a scheme to provide financial aid to families with a girl child. Under the Vahle Dekree Yojana, the state will provide a one-time grant of Rs 4,000 and Rs 9,000 to families with up to two girls. It will also give Rs 1 lakh when the child turns 18 for education or marriage.
This scheme has been announced to encourage more people to have girl children. The state has a very poor sex ratio. The popular Statue of Unity will also see the beginning of a helicopter service to help in the aerial viewing of the structure.
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Revenue receipts stand at Rs 1.54 lakh crore, higher by 10% against the revised estimates for 2018-19. Revenue expenditure is estimated at Rs 1.51 lakh crore.
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