Budget size swells over 10% to Rs 1,69,000 crore
The Mayawati government today tabled a tax-free budget for the 2011-12 financial year in the state Assembly.
The budget size has swelled by 10.6 per cent to Rs 1,69,416 crore compared to 2010-11. Meanwhile, the public debt of the state government is also likely to swell to Rs 2,04,000 crore, up from Rs 1,88,000 crore in the current financial year.
The annual financial statement has projected revenue deficit of Rs 3,403 crore against revenue and capital expenditure of Rs 1,69,416 crore and total receipts of Rs 1,66,013 crore.
The budget was presented by Uttar Pradesh Finance Minister Lalji Verma in the presence of Mayawati.
The government has not proposed new taxes to bridge the deficit and adjusted Rs 3,900 crore from the Public Account, which leaves a positive balance of Rs 497 crore.
However, the fiscal deficit is estimated at Rs 18,960 crore in 2011-12, which would be 2.97 per cent of the Gross State Domestic Product (GSDP). According to the revised estimates, the fiscal deficit is estimated at 3.9 per cent in the current financial year.
In the total receipts of Rs 1,66,013 crore, Rs 1,31,429 crore and Rs 34,584 crore pertain to revenue and capital receipts, respectively.
The share of tax revenue in revenue receipts in 2011-12 is going to be Rs 98,609 crore, which includes Rs 48,275 crore in Central taxes.
The total expenditure of Rs 1,69,416 crore, includes Rs 1,25,794 crore as revenue expenditure and Rs 43,623 as capital expenditure. Plan expenditure of Rs 47,627 crore is estimated in 2011-12.
The Budget has projected a closing balance of Rs 1,247 crore for 2011-12 after taking the opening balance of Rs 751 crore into account.
The revenue savings for the next financial year has been estimated at Rs 5,635 crore. Later, addressing the media, Verma said the revenue surplus was due to cut in public expenses vis-à-vis revenues. He said while expenditure was projected to rise by 10.5 per cent, the revenue would increase to the tune of 18 per cent.
“The public debt ratio to the the GSDP will decrease to 32.1 per cent in the next financial year compared to 38.7 per cent in the current financial year,” State Principal Secretary (Finance) Anoop Mishra added.
