The budget was presented by water resources department minister Vijay Kumar Choudhary amid slogan shouting and protests by the main opposition BJP legislators, who were demanding that the budget be presented by CM Nitish Kumar as he holds the finance portfolio.
The budget projects a 14.8% increase in gross state domestic product (GSDP) during 2014-15 compared to 10.7% in 2012-13 and also claimed that the per capita income in 2012-13 increased to Rs 30,930 which is 41.2% of the national average, compared to Rs 25,074 in 2011-12 (37.2%).
Later on briefing the media, Choudhary said though it is a full budget, the brief session of the assembly has compelled the government to take a vote-on-account for four months. The third supplementary budget will be presented on Wednesday.
The lion's share of the budget goes to education department with an expenditure estimated at Rs 24,715.19 crore, which is Rs 6,434.41 crore higher than the previous year. The expenditure for health sector is estimated at Rs 4,805.73 crore, a jump of Rs 1,448.89 crore from last fiscal year's allocation, for road sector Rs 10,190.90 crore and Rs 7,387.66 crore for the welfare of SC/ST, minority, OBC and MBC, women and child.
The budget estimate of revenue receipts is over Rs 1,01,939 crore, of which state's share in central taxes is estimated to be Rs 41,775 crore and state's own taxes would be Rs 25,662 crore. The revenue surplus, which was Rs 4,821 crore in 2011-12, increased to Rs 5,001 crore in 2012-13.
A new addition to the budgetary allocation is Rs 32 crore for the supply of sanitary napkins to over three million girls of secondary and higher secondary schools. Choudhary said the scheme will create health awareness among the girls and inculcate a sense of hygiene among them.
The minister said due to better fiscal management, the non-plan expenditure has been down while plan expenditure has increased. The total non-plan expenditure in 2014-15 will be Rs 59,231 crore, which is only 11.58% higher from the last fiscal year, while plan expenditure will be Rs 57,655.12 crore (Rs 39,006.30 crore in 2013-14), an increase of about 48%. Of this, Rs 57,392.44 crore is from state plan and only Rs 262.68 crore from centre-sponsored schemes.
Explaining the revenue surplus, Choudhary said, "If revenue receipt is more than the revenue expenditure, the surplus amount is called revenue surplus. For the year 2014-15, revenue surplus is Rs 10,174.03 crore. This revenue surplus will be used for investment in physical infrastructure generating productive capital assets like roads, buildings, power, schools, health centres and irrigation facilities."
The minister said the fiscal deficit is the amount left by subtracting revenue receipts, recoveries of loans and advances and repayment of public debt from total expenditure. For the year 2014-15, estimated fiscal deficit is Rs 11,367.84 crore, which is 2.96% of the GSDP. This comes to 0.19% more than the last fiscal year's estimate, he said and added that it has been maintained within the statutory limit of 3% as per Fiscal Responsibility and Budget Management (FRBM) Act.
"Bihar is one of those states which have taken fiscal responsibility seriously and implemented the FRBM Act in letter and spirit. A sinking fund making provisions for repayment of loans has been created since 2008-09. It will help the state in times of crisis to meet debt obligations. Till 2012-13, a sum of Rs 1,028.47 crore had been deposited into this fund. The total accumulated amount in the fund will stand at Rs 1,464.74 crore by March 31, 2014," said Choudhary.
Source: TOI
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