CHANDIGARH, MARCH 9
Haryana Finance Minister, Capt Abhimanyu said that the State Government has been successful in bringing down the revenue deficit from 1.9 per cent, during the regime of the Congress Government, to 0.94 per cent in the State budget for the year 2017-18 and a target has been fixed to further reduce to it zero per cent by the year 2019.
Capt. Abhimanyu was replying to the discussion on Budget Estimates for the year 2017-18 during the ongoing budget session of Vidhan Sabha here today.
He said that the suggestions received by the government from members of State Assembly and other stakeholders would also be considered while framing the future development policies and programmes. The budget of over Rs one lakh crore presented by the State Government is aimed at the welfare of all sections of the society including farmers, labourers, traders, employees, women and youth.
While referring to the strong financial health of the present State Government, the Finance Minister said that various statements were being issued by the opposition parties on the financial health of the government stating that the fiscal and revenue deficit have increased. The Gross Domestic Product (GDP) of the State which was 5.7 per cent in the year 2014-15 has first increased to 8.7 per cent last year and GDP of nine per cent is projected for the year 2017-18. He said that the growth rate of Per Capita Income has been projected as 7.2 per cent whereas it was four per cent in the year 2014-15.
He said that when the present State Government came into being under the leadership of Chief Minister Mr Manohar Lal, the agriculture growth rate stood at minus two per cent, but now after two years it has increased with positive growth of seven per cent and the 11 per cent people engaged in agriculture and allied sector were being getting the benefit of this increased growth rate of agriculture, he added.
The Finance Minister said Haryana is among the best States of the country having better financial management.It has not crossed the Fiscal Responsibility and Budget Management (FRBM) limit of 25 per cent. The Government has taken over the debt of Rs 25,950 crore of power distribution companies. This has resulted in annual savings of Rs 3000 crore to DISCOMS as interest, he added.
He said that the total revenue receipts of GDP including tax and non tax was 9.33 per cent in the year 2014-15 whereas it has been projected as 11.12 per cent in 2017-18. He said that the Total Return Rate (TRR), which was 17 per cent in the year 2014-15 has been reduced to 14.3 per cent. While referring to the growth rate of total loan, he said that it has been projected at 20.7 per cent in the year 2017-18 whereas it was 21 per cent in 2011 and 20.9 per cent in 2011-12. Similarly, it was 25.5 per cent in 2013-14 and 24.5 per cent in 2014-15, 17.9 per cent in 2015-16 and 17.6 per cent in 2016-17. He said the capital expenditure has been increased to 14,900 crore this year whereas it was Rs 7400 crore during the previous Congress Government’ regime. Efforts would be made to take capital expenditure to Rs 20,000 crore. He said that it would be ensured that 88.2 per cent of the new loan, to be taken by the Government during 2017-18, is utilized in capital expenditure.
Capt. Abhimanyu said that the Revenue Deficit could have been reduced to zero in the year 2012. He said that it was Rs 3875 crore in the year 2013-14 which was increased to Rs 8319 crore in 2014-15 with an increase of 114 per cent. This figure has been reduced to Rs 7787crore in the year 2015-16, Rs 7266 crore in 2016-17 and it is projected as Rs 5816 crore in 2017-18. While referring to the fiscal deficit, he said that it was 8314 crore in the year 2013-14 which increased to Rs 12,580 crore in 2014-15. He said that the present Government has brought fiscal deficit in the range of 2.61 per cent.
He said that the per capita growth rate which was 7.36 per cent in the year 2014-15 has increased to 11.23 per cent in 2017-18. Similarly, the per capita debt has been reduced to 15.46 per cent in 2017-18 whereas it was 15.63 per cent in 2016-17, 17.35 per cent in 2013-14 and 20.66 per cent in 12-13.
Stating that the financial system has been strengthened as a result of demonetization, the Finance Minister said that VAT collection has increased by 16.7 per cent as compared to the collection made in November last year . He said that the budget of agriculture and allied sector for the year 2017-18 has been increased to 31.13 per cent from 29.98 per cent in 2016-17. Similarly, the outlay of rural development sector has been increased to 4.85 per cent in 2017-18 from 3.50 per cent in 2016-17.
LOYALTY BONUS: The Haryana Government has announced to give loyalty bonus of about Rs 9.64 crore at the rate of Rs 1.50 per litre to about 1.03 lakh milk producers supplying milk to the milk plants in the state. These milk producers are associated with 3,250 milk societies. Haryana is the second state after Gujarat to give such bonus.
While stating this here today, Minister of State for Cooperation, Mr. Manish Kumar Grover said that Chief Minister, Mr. Manohar Lal, had approved a proposal to this effect. He said that the loyalty bonus for 2016-17 would be given from April 1, 2016 to September 30, 2016. About 6.43 crore litre milk was collected from cooperative milk producers throughout the state during this period. The Haryana Dairy Federation is expected to record profits to the tune of about Rs 30 crore in 2016-17, he added.
The Minister said that the bonus would be in addition to the base rate of milk and it would be deposited directly in the bank accounts of the cooperative milk producers.
===balbirsingh227@gmail.com
Haryana Finance Minister, Capt Abhimanyu said that the State Government has been successful in bringing down the revenue deficit from 1.9 per cent, during the regime of the Congress Government, to 0.94 per cent in the State budget for the year 2017-18 and a target has been fixed to further reduce to it zero per cent by the year 2019.
Capt. Abhimanyu was replying to the discussion on Budget Estimates for the year 2017-18 during the ongoing budget session of Vidhan Sabha here today.
He said that the suggestions received by the government from members of State Assembly and other stakeholders would also be considered while framing the future development policies and programmes. The budget of over Rs one lakh crore presented by the State Government is aimed at the welfare of all sections of the society including farmers, labourers, traders, employees, women and youth.
While referring to the strong financial health of the present State Government, the Finance Minister said that various statements were being issued by the opposition parties on the financial health of the government stating that the fiscal and revenue deficit have increased. The Gross Domestic Product (GDP) of the State which was 5.7 per cent in the year 2014-15 has first increased to 8.7 per cent last year and GDP of nine per cent is projected for the year 2017-18. He said that the growth rate of Per Capita Income has been projected as 7.2 per cent whereas it was four per cent in the year 2014-15.
He said that when the present State Government came into being under the leadership of Chief Minister Mr Manohar Lal, the agriculture growth rate stood at minus two per cent, but now after two years it has increased with positive growth of seven per cent and the 11 per cent people engaged in agriculture and allied sector were being getting the benefit of this increased growth rate of agriculture, he added.
The Finance Minister said Haryana is among the best States of the country having better financial management.It has not crossed the Fiscal Responsibility and Budget Management (FRBM) limit of 25 per cent. The Government has taken over the debt of Rs 25,950 crore of power distribution companies. This has resulted in annual savings of Rs 3000 crore to DISCOMS as interest, he added.
He said that the total revenue receipts of GDP including tax and non tax was 9.33 per cent in the year 2014-15 whereas it has been projected as 11.12 per cent in 2017-18. He said that the Total Return Rate (TRR), which was 17 per cent in the year 2014-15 has been reduced to 14.3 per cent. While referring to the growth rate of total loan, he said that it has been projected at 20.7 per cent in the year 2017-18 whereas it was 21 per cent in 2011 and 20.9 per cent in 2011-12. Similarly, it was 25.5 per cent in 2013-14 and 24.5 per cent in 2014-15, 17.9 per cent in 2015-16 and 17.6 per cent in 2016-17. He said the capital expenditure has been increased to 14,900 crore this year whereas it was Rs 7400 crore during the previous Congress Government’ regime. Efforts would be made to take capital expenditure to Rs 20,000 crore. He said that it would be ensured that 88.2 per cent of the new loan, to be taken by the Government during 2017-18, is utilized in capital expenditure.
Capt. Abhimanyu said that the Revenue Deficit could have been reduced to zero in the year 2012. He said that it was Rs 3875 crore in the year 2013-14 which was increased to Rs 8319 crore in 2014-15 with an increase of 114 per cent. This figure has been reduced to Rs 7787crore in the year 2015-16, Rs 7266 crore in 2016-17 and it is projected as Rs 5816 crore in 2017-18. While referring to the fiscal deficit, he said that it was 8314 crore in the year 2013-14 which increased to Rs 12,580 crore in 2014-15. He said that the present Government has brought fiscal deficit in the range of 2.61 per cent.
He said that the per capita growth rate which was 7.36 per cent in the year 2014-15 has increased to 11.23 per cent in 2017-18. Similarly, the per capita debt has been reduced to 15.46 per cent in 2017-18 whereas it was 15.63 per cent in 2016-17, 17.35 per cent in 2013-14 and 20.66 per cent in 12-13.
Stating that the financial system has been strengthened as a result of demonetization, the Finance Minister said that VAT collection has increased by 16.7 per cent as compared to the collection made in November last year . He said that the budget of agriculture and allied sector for the year 2017-18 has been increased to 31.13 per cent from 29.98 per cent in 2016-17. Similarly, the outlay of rural development sector has been increased to 4.85 per cent in 2017-18 from 3.50 per cent in 2016-17.
LOYALTY BONUS: The Haryana Government has announced to give loyalty bonus of about Rs 9.64 crore at the rate of Rs 1.50 per litre to about 1.03 lakh milk producers supplying milk to the milk plants in the state. These milk producers are associated with 3,250 milk societies. Haryana is the second state after Gujarat to give such bonus.
While stating this here today, Minister of State for Cooperation, Mr. Manish Kumar Grover said that Chief Minister, Mr. Manohar Lal, had approved a proposal to this effect. He said that the loyalty bonus for 2016-17 would be given from April 1, 2016 to September 30, 2016. About 6.43 crore litre milk was collected from cooperative milk producers throughout the state during this period. The Haryana Dairy Federation is expected to record profits to the tune of about Rs 30 crore in 2016-17, he added.
The Minister said that the bonus would be in addition to the base rate of milk and it would be deposited directly in the bank accounts of the cooperative milk producers.
===balbirsingh227@gmail.com
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