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Himanta Biswa Sarma presented Rs 1,03,762 cr Assam Budget for FY 2020-2021

On March 6, 2020, Assam finance minister Himanta Biswa Sarma presented Budget for Assam for the financial year 2020-21. He presented his fifth and final budget as the finance minister of Sarbananda Sonowal-led government.Assam budget for year 2020-21

  • Gross State Domestic Product of Assam: At current prices) is projected to be Rs 4,08,627 crore.
  • Total expenditure: For 2020-21 it is estimated to be Rs 1,03,762 crore.
  • Total receipts (excluding borrowings): These are estimated to be Rs 92,231 crore.
  • Revenue surplus: It is targeted at Rs 9,154 crore, or 2.24% of the Gross State Domestic Product (GSDP).
  • Fiscal deficit It: is targeted at Rs 9,383 crore (2.3% of GSDP).  In 2019-20, the fiscal deficit is estimated to be Rs 21,531 crore (5.92% of GSDP).
  • Revenue expenditure: For 2020-21 is proposed to be Rs 82,777 crore
  • Growth rate: From 2016-17 to 2019-20 is 12.38%.

Highlights from Budget:

-Assam to acquire 1.65% additional stake worth Rs 1,500 Crore in Numilagarh Refinery Ltd (NRL).

Taxes: State sales tax on petrol and diesel cut by 50 paise. Agriculture tax has been withdrawn. No new tax proposals in the budget speech. No hike in excise, forest tax and GST.

Subsidy: Income support of Rs 830 per month will be provided to 27 lakh families through direct benefit transfer mode.  Rs 2,800 crore has been allocated for this purpose.

Free rice: It will be provided to all beneficiaries under the National Food Security Act, as part of the Anna Yojana initiative. Rs 472 crore has been allocated for this initiative for the year 2020-21.

Entrepreneurship: Two lakh youth of the state will be covered under the revised Swami Vivekananda Youth Empowerment Yojana to encourage youth to form entrepreneurial groups.  Seed capital of Rs 50,000 will be provided to each member of such groups to initiate entrepreneurial activities.  Rs 1,000 crore has been allocated for this purpose.

Study assistance: Admission fee waiver, free textbooks & uniforms in Government Schools. Rs 1000 will be provided to 1 lakh students for textbooks. Textbook assistance of Rs 1500 and Rs 2000 for students at graduate and postgraduate levels.

Electric vehicle registration fee to be cut by half for women owners.

Click here to find complete report: https://finassam.in/budget_documents/

About Assam:

Chief Minister – Sarbananda Sonowal
Capital– Dispur
State animal– One-horned rhinoceros
State bird– White-winged duck