Punjab FM presents ₹1.96L Cr budget for 2023-24; focus on agriculture, education, health

The Punjab government has laid special emphasis on the sectors of agriculture, education and health in its budget for 2023-24, whose outlay was pegged at ₹1.96 lakh crore.

Presenting the budget in the state Assembly on Friday (March 10), Punjab Finance Minister Harpal Singh Cheema said the total budget size has been increased by 26 per cent to ₹1,96,462 crore for 2023-24.

It is the first full budget of the AAP government.

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After coming to power in March 2022, the AAP government first passed a vote-on account on March 22 and then it presented its budget in June for the remaining part of the year.

₹13,888 crore for agriculture, allied sectors

Cheema proposed an outlay of ₹13,888 crore for the agriculture and allied sectors, up by 20 per cent from last year’s budget. The government will soon come out with a new agriculture policy for which a committee of experts have been formed for the purpose, he said.

A sum of ₹1,000 crore was allocated for crop diversification. A revolving fund for Basmati crop purchase has also been set up, he said.

The government has decided to launch a risk mitigation crop insurance scheme – Bhaav Antar Bhugtan Yojana. Cheema said that ₹125 crore has been allocated for direct sowing of paddy and moong crop purchase.

30% drop in stubble burning: Cheema

Cheema said that there has been a drop of 30 per cent in stubble burning incidents. He said that a free power subsidy of ₹9,331 crore for the farm sector has been earmarked for 2023-24.

On the health front, he said 10.50 lakh people have been treated in Aam Aadmi Clinics in the state so far. He said 26,797 jobs have been given so far by the Bhagwant Mann government.

The effective revenue deficit and fiscal deficit have been pegged at 3.32 per cent and 4.98 per cent of the gross state domestic product (GSDP) respectively.

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A sum of ₹74,620 crore has been proposed towards the committed expenditure, a jump of 12 per cent in comparison to FY 2022-23.

Effective capital expenditure is pegged at ₹11,782 crore, an increase of 22 per cent in comparison to the previous fiscal.

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(With inputs from agencies)