The estimated revenue expenditure comprises a total allocation of Rs95,000 crore for all government schemes and programmes, which represents a 23.08% increase over the previous fiscal's allocations.
The Survey report was tabled in the Legislative Assembly by Finance Minister Sudhir Mungantiwar, while in the Legislative Council it was presented by Minister of State for Finance Deepak Kesarkar. The services sector, identified as the key driver of the economy, is expected to grow at 9.7 per cent. In 2016-17, the Gross State Domestic Production (GSDP) was '6,54,294 crore and the fiscal deficit was '24,140.01 crore up to January, according to the findings of Comptroller and Auditor General (CAG).
While he made a provision of Rs 10,828 crore for road development, the finance minister said the government was evaluating a proposal to ascertain financial participation of local bodies and authorities in such projects. But worry lines are growing about the state's ballooning debt, set to hit Rs 4.6 lakh crore, a rise of nearly Rs 56,000 crore over previous year and nearly three times the debt a decade ago. Under the farm loan waiver scheme announced in June 2017, the government has so far given approval to banks to transfer Rs23,102.19 crore directly into more than 4.6 million accounts of farmers, and of these, banks had transferred Rs13,782 crore into more than 3.5 million accounts till 6 March, he added. This is the expenditure undertaken to create and maintain assets.More news: Ex-Trump aide testified that her email was hacked
The per capita income (PCI) is estimated at Rs 1,80,596 in 2017-18 against Rs 1,65,491 in 2016-17. But what it got from customs duty and state and central excise duty was less than expected.
- Of this, 8,974 projects (45.3 percent), with an investment of Rs 2,92,252 crore (24.6 percent) were commissioned, which generated an employment of about 12.67 lakh. The state plans to energize 93,322 agricultural pumps next fiscal at an outlay of Rs750 crore. The social justice and tribal welfare department has also received large allocations.
- The survey also states that with Rs 3,94,886 crore (33.2 percent of the total investment), the IT sector continues to generate maximum investment in the state, followed by the fuel and the metallurgical industry with an investment of Rs 1,43,138 crore and Rs 1,02,081 crore respectively. Urban schemes, including the Amrut Mission and the Smart City Mission, will receive Rs 2,310 crore and Rs 1,316 crore. Limited liability partnership entities will now be liable to pay profession tax. On VAT, it has proposed non-recovery of tax of up to Rs 500 crore.