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Madhya Pradesh Government to Present State Budget Today

The Madhya Pradesh government is set to unveil its budget for the financial year 2024-25 today. Finance Minister Jagdish Devda will present the budget in the state assembly, outlining the fiscal priorities and allocations. Here are the key highlights:

  1. Projected GSDP:
    • The Gross State Domestic Product (GSDP) for 2023-24 (at current prices) is estimated to be Rs 13,87,117 crore, reflecting a 5% growth over the revised estimate for the previous year.
    • The budget will focus on sectors such as agriculture, manufacturing, and services to drive economic development.
  2. Expenditure and Receipts:
    • Expenditure (excluding debt repayment) for 2023-24 is estimated at Rs 2,81,552 crore, with an additional debt repayment of Rs 24,551 crore.
    • Receipts (excluding borrowings) are projected to be Rs 2,25,843 crore, emphasizing revenue generation and efficient resource utilization.
  3. Policy Initiatives:
    • Food Subsidy Scheme: A new scheme aims to address malnutrition by transferring Rs 1,000 to the bank accounts of women from backward tribes (Baiga, Bariya, and Sahariya).
    • Skill Development: The Chief Minister Skill Apprenticeship Scheme will provide skill training to youth, enhancing employability.
    • Electricity Infrastructure: The state plans to create additional infrastructure, including transmission lines and sub-stations, to ensure uninterrupted power supply.
    • Chief Minister’s Balika Scooty Scheme: Female students excelling in higher secondary exams will receive e-scooters.
  4. Fiscal Outlook:
    • Revenue surplus for 2023-24 is estimated at Rs 413 crore (0.03% of GSDP), emphasizing prudent financial management.
    • Fiscal deficit is targeted at Rs 55,708 crore (4% of GSDP), balancing development needs and fiscal discipline.

In summary, Madhya Pradesh’s budget aims to foster inclusive growth, empower youth, and address critical challenges. Stay tuned for detailed allocations and policy announcements during today’s presentation.

Written by Zamir Azad

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