Bihar Finance Minister Vijay Kumar Choudhary presented on February 28, 2023, a 2.61 lakh crore “revenue surplus Budget” in the State Assembly with a special emphasis on the job, health, and education sectors. Mr. Choudhary also asked the Central government to give Bihar particular attention.
After presenting the budget for the fiscal year 2023–2024 in the State Assembly, he told the media, “In our anticipated revenue arrangement this is a revenue surplus Budget in which the State’s growth rate will be above 10%.” In the Budget, Mr. Choudhary also made a strong case for the employment, health, and education sectors and claimed that the State’s spending on social services had grown by an astounding 11 times.
“Within the primary sector, livestock and fishing, aquaculture have been the two most significant contributors to the growth of GSDP, recording growth rates of 9.5% and 6.7%, respectively,” he said.
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The proposed Budget’s overall spending for the fiscal year 2023–24 is 2,61,885.40 crore, which is 24,194.21 crore more than the prior fiscal year. The fiscal deficit stayed below the imposed conditional limit of 4.5% at 3.78% of the State Gross Domestic Product (SGDP). The Budget also noted that the anticipated grants-in-aid from the Centre for the current fiscal year was $53,377.92 crore, which was $4,623.37 crore less than what was received in the previous fiscal year. The State’s share of Central taxes did, however, slightly rise, as noted in the Budget.
Major Highlights:
- Rs 5,540 crore has been allocated for Patna Medical College and Hospital’s (PMCH) redevelopment.
- Rs 40 crore allocated for reconstruction of madrassas.
- 21 Sadar hospitals will be upgraded, nine new medical colleges will be constructed across Bihar.
- The Centre has denied Bihar the status of special state.
- Efforts are being made to increase the revenue without increasing the tax burden.
- There are limits to revenue receipts. GST limited the ability of states to levy taxes.
- Objected to not getting a positive signal on the demand for continuation of GST compensation.
- Fiscal deficit under control.
- Fiscal deficit has been reduced from Rs 11,325 crore to Rs 422 crore
- The state government is giving priority to education and health.
- Infant mortality rate has come down from 43 thousand in 2012 to 27 in 2020.
- In the field of education, 2.1 crore enrolled in the eighth standard in 21-22.
- Gross Enrollment Ratio 2021-22 is also being improved.
- Expenditure on social services has been increased 11 times.
- Many ambitious schemes of Bihar are now being followed by the Central government.
- Har Ghar Nal Jal Yojana: Bihar government implemented it in the year 2016, Center implemented it in 2019 under Jal Jeevan Mission.
- Jeevika was implemented in Bihar in 2007, Deendayal Yojana Center started in 2015 on the basis of our Jeevika Yojana.
- We started the scheme to provide electricity to every house in 2016. Later, in September 2017, the Center also came up with a similar plan.
- Bihar launched Jal Jeevan Hariyali Yojana in the year 2019, Center started Amrit Sarovar Yojana on the same lines in April 2022.
- The state government is increasing the expenditure despite the challenges of Covid.
- The whole country including Bihar was affected due to the economic recession.
- Youth power is the basis of the future, 10 lakh jobs will be created.
- Along with skill development, proper arrangement of capital is being given priority in the budget.
- Requisition of 49 thousand posts has been sent to Bihar Public Service Commission, 2900 posts to Staff Selection Commission.
- Out of 75,543 and 90 thousand teachers in Bihar Police, 42 thousand have been appointed.