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Tuesday, July 23, 2024

Jharkhand Government under CM Champai Soren presents state budget 2024-25

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HT Digital,

Ranchi, Feb 27: The Jharkhand government, under the leadership of newly appointed Chief Minister Champai Soren, presented its inaugural budget on Tuesday. The budget for the fiscal year 2024-25 has been set at Rs 1.28 trillion.

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This represents a 10 percent increase from the 2023-24 budget estimates and a 6.5 percent rise from the revised estimates. Initially, the JMM-led coalition government proposed a budget of Rs 1.16 lakh crore for 2023-24, which was later increased to Rs 1.20 lakh crore.

The projected fiscal deficit for 2024-25 is expected to be 2.02 percent, lower than the target of capping it at 3.0 percent of the GSDP. The Budget document noted that changes in the estimation of the fiscal deficit may occur due to the use of the GSDP estimate by CSO for the purpose of the FRBM Act.

The projected Gross State Domestic Product (GSDP) for Jharkhand in 2024-25 is estimated to be Rs 470,103.54 crore. This projection assumes a growth rate of 9.80 percent over the 2023-24 advance estimate of Rs 428,154.78 crore.

Jharkhand Chief Minister Champai Soren stated that the budget would bring about development across all sections of society. The budget was tabled by Finance Minister Rameshwar Oraon in the Assembly.

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The budget document reveals that Jharkhand’s receipts comprise 31 percent from the share of central taxes, 26 percent from the state’s own taxes, 15 percent from the state’s own non-taxes, 13 percent as grants in aid, 14 percent from borrowings, and 0.1 percent from the recovery of loans and advances.

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