No New Taxes in Haryana Budget, Allocation Up by 12.6%

March 10, 2018 | By Jagjit Singh | Filed in: Current Affairs, Haryana.

Haryana Finance minister Released impressive Budget for the financial year 2018-19 during Budget session in assembly. Govt especially emphasized on Education, Agriculture, Fisheries, Horticulture, Industries, Technical education and Energy projects. Under the dynamic leadership of Manohar Lal Khattar, the state is developing at a rapid rate. In the chain of development, Haryana Govt makes a three-year action plan under the seven-year strategic development plan. Haryana finance minister presented budget outlay of Rs 1,15,198 crore for the year of 2018-19.

Haryana budget

Which is 12.6% higher than the previous Financial Budget of Haryana. It indicated that Govt of Haryana is moving towards the overall development plan of the state for the period of long-term. If we talk about the revenue from the state then it will be calculated up to Rs 76,933 and  Rs 11,302 crore from nontax revenue.

Objective

    • To provide structure and planning for the whole financial year.
    • Ensure and also predict the cash flow during the particular period of time.
    • Allocation of resources for the better development and future perspective.
    • Setting of standards to measure the performance of the allocations and planning.
    • To ensure the development in the region with better education, health, awareness, employment, Infrastructure and enhancement of GDP.

budget

Importance and Significance

      • In the current budget Rs 1.15 lakh crore going to spent in the development of the state during the financial year 2018-19. More investment will boost more development in the state.
      • No change in the taxes, as well as no new taxes, added or imposed in the state during the new financial year.
      • Budget focused on the generation of Employment, revenue, and utilization of Govt. money in a right way.
      • VAT on natural gases reduced from 12.5% to 6% which is really outstanding.
      • This budget will attract more investors in the state.
      • Rs 1,000 crore budget allocated for most awaited project Satluj Yamuna link canal which will help in the better connectivity and convenience for farmers and society.
      • Govt plan to set up Non-financial Institution under the direct control of govt. through Haryana State Financial Services Limited undertaking strategy.
      • To do the best utilization of Govt money State Govt decide to use only one or two public sector banks for funds allocation.
      • Govt. of Haryana also focusing on the expansion of airports or existing airstrips of Karnal, Narnaul, Bhiwani, and Pinjore respectively. It will expand the area for future prospects of development.
      • Renewable energy project will be going to start in six districts of Haryana which includes¬† Ambala, Jind, Kurukshetra, Karnal, Fatehgarh, and Kaithal.
      • Cashless medical services scheme also implemented in Haryana to provide health benefits of 5 lakh to employees and pensioners.
      • Kisan Kalyan Pradhikaran scheme also released to the farmers of the state to increase the remuneration and income of the farmers.
      • For the students and Pensioners, Direct Benefit Transfer scheme also processed to provide better distribution process.
      • Govt stated Asset management cell to identify the Govt land or properties for the future development endeavors.

Impressive Budget allocation 2018-19

  • Agriculture and allied activities-4097cr
  • Forest-427 crore
  • Irrigation and water-3222 crore
  • Animal Husbandry-913 crore
  • Industries-399 crore
  • Education-13978 crore
  • Fisheries-83 crore
  • Horticulture-834 crore
  • Health-4769 crore
  • Power-15372 crore
  • Non-conventional energy-112 crore

Conclusion

Haryana Govt displayed a very good Budget for the state. Majorly no change in taxes and also hike in the Budget amount comparatively with the last year budget. It will lead to expanding more business and more revenue for the state.

Summary
No New Taxes in Haryana Budget, Allocation Up by 12.6%
Article Name
No New Taxes in Haryana Budget, Allocation Up by 12.6%
Description
Haryana finance minister presented budget outlay of Rs 1,15,198 crore for the year of 2018-19. Which is 12.6% higher than the previous Financial Budget of Haryana.
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Publisher Name
SarkariNiti
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