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Jharkhand FM Rameshwar Oraon Unveils Rs. 1,16,418 Crore Budget for FY24

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Jharkhand govt tables Rs 1.16 trillion budgetRameshwar Oraon, the Finance Minister (FM) of Jharkhand, has proposed a Rs. 1,16,418 crore budget for the fiscal year 2023-24 (FY24) in the Jharkhand assembly.

  • The budgetary projections for FY24 were 15% higher when compared to fiscal year 2022–23 (FY23).

The Jharkhand government, headed by Chief Minister (CM) Hemant Soren, had presented a budget of Rs. 1.01 lakh crore for FY23.

  • The budget for FY24 is expected to support overall development in Jharkhand and fulfil the needs of the underprivileged, exploited, and downtrodden.

Key Budgetary Estimates & Allocations:

i.The Jharkhand government has emphasized the significance of gradually rising Capital Outlay and it was budgeted Rs. 25,317 crore in FY24, up from Rs. 10,789 crore in FY 2021-2022 (FY22).

ii.In FY24, Rs. 84,676 crore is set aside for Revenue Expenditure, and Rs. 31,742 crore is set aside for Capital Expenditure.

iii.The Fiscal Deficit is estimated to be Rs. 11,674.57 crore, or 2.76% of Gross State Domestic Product (GSDP).

iv.The FM announced a Rs. 50 crore scheme to promote millet production in Jharkhand.

Click here to read Jharkhand’s budget at a glance for FY24.

Significant Achievements

i.Jharkhand’s economic growth rate in FY2019–20 (FY20) was 1.1%, while during the COVID–19 crisis in FY22, it was 8.2%.

ii.In contrast to the 7% national economic growth rate, Jharkhand is projected to develop at a rate of 7.8% during FY23.

iii.As the primary goal of the Jharkhand government was to regulate and reduce the fiscal deficit, the state was effective at keeping the fiscal deficit in FY22 under 1% through better financial management.

  • As a result, Jharkhand’s debt-to-GDP ratio has decreased.

iv.The state’s revenue earnings (tax and non-tax revenue) have also witnessed a steady increase.

  • The total revenue income in FY20 was Rs. 25,521.43 crore, which climbed to Rs. 31,320.36 crore in FY22 and is projected to reach Rs. 38,612.84 crore in FY23.

v.The ratio of establishment to plan expenditure in total outlay was 47:53 in FY20 and is projected to be 39:61 in FY24, showing that the Jharkhand government is prioritising development projects.

  • In contrast to an increase in plan outlay, there has been a consistent decrease in establishment expenditures over the past three years.

Recent Related News:

i.In January 2023, Jharkhand Agriculture Minister Badal Patralekh launched a Water Conservation Scheme with an outlay of Rs 467.32 crore to aid farmers in Jharkhand, which endured drought in 2022.

ii.Under the Water Conservation Scheme, 2,133 ponds will be renovated and 2,795 percolation tanks will be constructed in all the blocks of 24 districts of Jharkhand.

About Jharkhand:

Chief Minister – Hemant Soren
Governor – C.P. Radhakrishnan
Wildlife Sanctuary –  Mahuadanr Wildlife Sanctuary; Koderma Wildlife Sanctuary
Tiger Reserve – Palamau Tiger Reserve