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Finance Minister Jayant Mallaiya promised the Madhya Pradesh government would continue with agrarian reforms, while presenting a Budget of Rs 1.3 lakh-crore for 2015-16, with a Rs 5,588-crore revenue surplus.
In his second Budget, he announced Rs 18,000 crore of soft loans for farmers and to cover an extra 250,000 hectares under irrigation with an investment of Rs 7,463 crore. Another Rs 5,231 crore went for fisheries, cooperatives and animal husbandry. “It was tough to manage fiscal health this year due to global economic conditions but our prudence yielded results,” Mallaiya told this newspaper. “We are very comfortable as far as state financial health is concerned.”
The ongoing financial year would see addition of 2,000 Mw of power. The second phase of the Singaji superthermal power project of 2x660 Mw was proposed, as was a 660-Mw unit at the Satpura thermal power station. The government also aims to add 3,733 Mw of renewable energy. “An ultra mega solar power project of 750 Mw proposed in Rewa district would be the world’s biggest,” the minister said. In the social sector, the Ladli Laxmi Yojana for the welfare of girls has got Rs 1,398 crore. The industrial sector gets Rs 1,781 crore and health Rs 4,740 crore. Infrastructure and job generation gets Rs 6,550 crore.
The finance minister also proposed to reduce value added tax (VAT) on 40 items to five per cent in 2015-16 from the existing 13 per cent. Besides, he pared VAT on aviation fuel from 13 per cent to four per cent. Tobacco-free paan masala will now attract 27 per cent VAT.
The government has also proposed to increase the stamp fee on licence of pistols and revolvers to Rs 10,000 and on other weapons to Rs 2,000. The renewal of an arms licence would now cost Rs 5,000.
