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UP Budget Session 2023: Yogi Adityanath government of the state on Wednesday for the financial year 2023-24 Budget Will present Finance Minister Suresh Khanna will present the second budget of the second term of the Yogi government in the House. According to estimates, the size of the budget can be more than seven lakh crore rupees.
Government’s focus on these points in the budget
This is the heaviest ever in Uttar Pradesh Budget Will happen. That’s why it is also being called Mahabudget. However, despite such a big budget, the common man does not get much relief from it, because for him there is usually no announcement like salary hike or tax reduction directly in the budget. Although the government tries to provide some relief by allocating funds in the budget regarding election manifesto and elections.
This is how the government collects revenue
The government earns its share in central taxes, state goods and services tax, VAT, corporation tax, land revenue, stamp and registration fee and non-tax revenue by levying state government VAT on petrol and diesel. Despite this, due to the need of the big state, the debt burden on it is also increasing.
Debt burden increasing every year
In the financial year 2017-18, the state government had a total debt of Rs 4.45 lakh crore, which increased to about Rs 5.65 lakh crore by the financial year 2020-21. If we talk about per capita loan relative to this loan, it has increased from Rs 18,476 to about Rs 26,000 during this period. In this way, every citizen of Uttar Pradesh has a debt of about 26 thousand rupees. In this way, if the income continues to be low and the expenditure is high, then the debt burden will increase.
A budget of 6.15 lakh crore was presented in 2022-23
The Yogi Adityanath government presented the first budget of 6,15,518.97 crores for the financial year 2022-23 in the month of May of its second term. After this, a supplementary budget of 33769.54 crores was presented in December. Compared to the previous budget, the annual budget of 2022-23 was 10 percent more than the annual budget of 2021-22. And the size of the budget for 2021-22 was Rs 5.5 lakh crore and it was presented in February 2021.
Efforts will be made to settle the electoral equation
This time, the way Chief Minister Yogi Adityanath has described it as fulfilling the aspirations before the budget, it is believed that the government’s focus will be on the Lok Sabha elections 2024 as well. The Yogi government will try its best to smoothen the electoral equation through the budget, which will help the party to achieve Mission 80 in UP. New schemes can be gifted for this. The last budget included new schemes worth Rs 39,181.10 crore. This time their scope may be bigger.
It is necessary to reduce the government deficit
The fiscal deficit in the state budget for the financial year 2022-23 was Rs 81 thousand 177 crore 97 lakh. Which was 3.96 percent of the estimated gross state domestic product for the year. What will be its condition this time, everyone’s eyes are fixed on it. Without reducing the revenue deficit, the government can not only fulfill its development target, nor can the burden of debt on the head of the common man be reduced.
Figures according to the budget for the financial year 2022-23
earning from here
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own taxes – 36.5 percent
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Non-tax revenue – 3.9 percent
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State share in central taxes – 24.2 percent
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Assistance from the central government – 17.9 percent
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Public account net-1.0 percent
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Public debt-13.1 percent
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Net result of all transactions – 3.0 percent
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Recovery of loans and advances – 0.4 percent
The government spends so much here
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Capital outlay – 20.5 percent
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Salary government-13.1 percent
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Salary aided institutions – 12.2 percent
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Pension-12.8 percent
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Grant-in-Aid – 9.3 percent
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Interest-7.6 percent
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