West Bengal Finance Minister Amit Mitra Friday presented a Rs. 1,38,370.01 crore budget in the state assembly, with an estimated deficit of Rs.4 crore.
The state's own income for the financial year beginning April 1, 2015 is expected to rise by Rs.10,337.4 crore compared to the ongoing fiscal year.
As per the budget, West Bengal's income excluding grants from the centre is pegged at Rs. 80,843.02 crore against the ongoing fiscal year's collection of Rs.70,505.62 crore.
Mitra claimed the state government will close the ongoing fiscal year on a positive note as the state may have a surplus of Rs.19.75 crore after capital and revenue expenditure.
He said the state's primary objective is employment generation and attract investment in the state which will trickle down to meet its social goals.
"In 2015-16, we plan to create 17.5 lakh new employment opportunities," he said while presenting the budget in the assembly here.
The Trinamool Congress minister said his government has implemented many plans for the ailing tea industry and promote small scale industries in 2014 and laid down new initiatives tom promote growth.
Highlighting the debt burden of Rs.24,000 crore on the state, Mitra refrained from levying any new taxes and proposed various concessions for the small scale sector in the state.
The major new initiatives of the state include providing cycles to all 40 lakh students studying in classes 9 to 12 over a course of two years.
"I now propose to provide bicycles to all 40 lakh students of the state from Class 9 to Class 12 within the next two years," he said.
The budget also pitched for increasing the scholarship for girls from the existing Rs.500 to Rs.750 under its much-publicised 'Kanyashri' initiative.
It also proposed financial assistance of Rs.10,000 to small and marginal farmers in the state as well as social security package for transport workers and VAT refund scheme for Green initiatives.
The state plan for 2015-16 has been pegged at Rs. 49,507 crore, up 12.3 percent over 2014-15.
