UP Assembly Budget Session 2024: Uttar Pradesh Finance Minister Suresh Kumar Khanna on Monday presented the budget for the fiscal year 2024-25 in the state assembly with an expenditure of Rs 736 crore, which is higher than the current fiscal budget of Rs 690 crore.
UP Budget 2024-25 Update:
Presenting the budget, the state finance minister said the total expenditure for the next fiscal year will be Rs 7,36,437.71 crore, which includes new schemes worth Rs 24,863.57 crore.
The state’s budget for 2023-24 is Rs 690 crore, which includes new schemes worth Rs 32,721 crore.
For the next fiscal year, the state government budget projects a total revenue of Rs 7,21,233.82 crore, of which revenue receipts will be Rs 6,06,802.4 billion and capital receipts will be Rs 1,14,531.42 crore.
The tax share in revenue is estimated at Rs 4,88,902.84 crore, which includes the state’s own tax revenue of Rs 2,70,086 crore and its share in the central tax pool of Rs 2,18,816.84 crore.
The total expenditure is estimated at Rs 7,36,437.71 crore.
Of the total expenditure, Rs 5,32,655.33 crore was allocated to revenue account and Rs 2,03,782.38 crore to capital account.
After deducting the total expenditure from the Consolidated Fund revenue, the budget estimates a deficit of Rs 15,103.89 crore. x
Yogi Government Budget 2024
The Uttar Pradesh government’s annual budget for the next financial year has set a target of 5.1% growth rate for the state’s agriculture sector.
The budget has allocated Rs 460 crore for three new agriculture-related schemes.
Khanna said the agriculture sector is targeting a growth rate of 5.1%.
He announced three plans to boost the agricultural sector.
One of the schemes, the National Agricultural Development Programme, will allocate Rs 200 crore.
Another Rs 200 crore has been allocated to the World Bank-assisted UP Agris scheme.
The state finance minister said Rs 600 million has been allocated under the third scheme for the installation of automatic weather stations – automatic rain gauges – in blocks and villages.
He further said that Chief Minister Khet Suraksha yojna (Farm Safety Scheme) is also being launched with an allocation of Rs 50 crore.
Yogi Adityanath’s big announcements in UP Budget 2024:
It has also been proposed to allocate Rs 2,400 crore to provide power to private tube wells of farmers at concessional rates. The amount is 25% higher than the same budget provided for this financial year.
Khanna said an allocation of Rs 449.45 crore has been proposed for the implementation of Prime Minister Kusum Yojana, which is more than double the current fiscal allocation.
Poor Women’s Pension Scheme
Khanna said the amount paid to eligible beneficiaries under the Poor Women’s Pension Scheme has been increased from Rs 500 per month to Rs 1,000 per month.
As many as 31,28,000 poor women have benefited from the scheme till the third quarter of 2023-2024.
The minister said the Women Farmers Empowerment Project aims to form 200 producer groups and provide technical support in the financial year 2024-2025.
Lucknow Aerocity
Khanna also announced that the state government is planning to develop an area of about 1,500 acres on the model of Lucknow Aerocity in Delhi. It will have seven-star hotels, parks, a world-class conference center and other facilities.
Talking about the unemployment rate in the state, the Finance Minister said that the Uttar Pradesh government has so far managed to lift around six crore people out of poverty. “The unemployment rate in the state today is just 2 percent,” he said.
He also added that the semiconductor policy has been approved by the state government. This policy will pave the way for the establishment and development of semiconductor companies in the state, which will bring large-scale domestic and foreign investment to the state.
Uttar Pradesh has become the fourth state in the country to implement such a policy.
Moreover, the state finance minister highlighted the development of tourism in the state while addressing the consecration ceremony of Ram Lalla in Ayodhya on January 22.
He said, “Our social and cultural sectors have received a lot of encouragement due to the construction of the magnificent Lord Ram temple in Ayodhya. Ayodhya has become an important tourism center in the world. Visitors from India and across the world The number of tourists has increased significantly, which has greatly improved our economic situation…”
He also added that the state government has signed a Rs 4,000-crore investment memorandum of understanding with Hero Future Energies, under which the organization will invest in renewable energy and clean technology projects in the state.
Khanna had earlier told reporters that the budget would be “Sarv Samaveshi” (all-inclusive) and “Sarv Sparshi” (taking care of everyone) to ensure all-round development.
“Yogiji’s (Chief Minister Yogi Adityanath)’s budget will propel UP towards the goal of becoming a $1 trillion economy,” he had said.
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