Harayan FM dubs state budget 'growth oriented'

Describing the state budget 2016-17 as "growth oriented and people friendly", Haryana Finance Minister Capt Abhimanyu today said he tried to ensure welfare of all the sections of the society while no fresh tax was imposed.
However, he dubbed the financial impact of UDAY scheme for power distribution companies and hike in salaries due to 7th Pay Commission as major challenges before the state.
The minister was replying to the debate on budget estimates in the ongoing budget session of Haryana Vidhan Sabha here today.
He said that the budget presented by him incorporated increase of social security pensions in future as well as report of Pay Anomaly Commission, that would benefit about 62,000 employees.

Referring to the impact of UDAY scheme on Budget estimates, he said the debt burden of about Rs 35,000 crore of power distribution companies has been taken by the government to lessen the burden of interest and debt on discoms.
The state government has decided to take over the outstanding debt of discoms in this budget which would benefit to the tune of about Rs 1,200 crore per year of interest.

As and when losses of power companies come down, the benefit should be given to consumers in power tariff. "With this budget, we are moving forward in improving target of fiscal deficit, revenue deficit, GDP target, revenue receipts and state's own resources", he said.

He also said it shall be appropriate to compare the figures of the budget estimates without the impact of UDAY with the budget estimates of last fiscal.
Referring to the opposition charge of exceeding loan limits, the Minister said that the state government had borrowed loan within the limit of the Fiscal Responsibility and Budget Management (FRBM) Act and it was as per the norms of the central government.
He said that debt to GSDP ratio in year 2015-16 was expected at 19.05 per cent. But this ratio stood at 23.44 per cent in the year 1999-2000, 23.81 per cent in 2000-01, 25.75 per cent in 2001-02, 25.08 per cent in year 2002-03 and 26.09 per cent in the 2003-04.

He said as a result of the efforts made by the government, fiscal deficit to GSDP is projected as 2.47 per cent in the year 2016-17 which remained upto 4.13 per cent between the year 1999 and 2004-05.
Expressing concern over regional imbalances in
development process, the Minister said that key objective of new Enterprises Promotion Policy is to ensure balanced development in the state.
The government found that per capita income in many districts is very low. "We are trying to increase the same through new EPP aimed at investment which should not be confined to NCR region", he said.

He said that the highest ever compensation was given by the present government to farmers for damage to their crops due to natural calamities.
A sum of Rs 260 crore was given as compensation to farmers for crop loss from year 1999 to 2004-05 by the then government.
The previous Congress during its 10-year rule distributed compensation of Rs 925 crore whereas the present BJP government gave compensation of Rs 2,500 crore in one year.
The state government also launched new insurance scheme "Pradhanmantri Fasal Bima Yojana" to mitigate the losses in farm sector with an allocation of Rs 300 crore for the year 2016-17.

This scheme will go a long way to provide financial support to farmers in the event of failure of notified crops because of natural calamities, pests and diseases, he said.
He also said 'Mehandi' industry in Faridabad has been given rebate in Value Added Tax (VAT).
He said Union Minister for Road Transport and Highways and Shipping Nitin Gadkari will inaugurate the Manesar-Palwal section of Kundli-Manesar-Palwal Expressway on April 5.