Targetting to become a $trillion economy in the coming years, Uttar Pradesh has witnessed its Annual Budget 2024-25 burgeon by 6.7 percent to more than Rs 7.36 trillion.
The Budget was tabled in the UP legislature yesterday by the ruling Bharatiya Janata Party (BJP) government with the stated objective of boosting the socioeconomic spectrum, creating jobs, augmenting farm income and ramping up basic infrastructure facilities.
In his post-Budget press briefing, UP chief minister Yogi Adityanath said the Annual Budget was themed around Lord Ram and his ideals of progress, equality and happiness in society.
He said there was humongous scope of spiritual tourism in the state to boost the economy and create jobs at the local level.
The fresh Budget allocates Rs 25,000 crore for new development schemes targetted for the uplift of youth, women, farmers and underprivileged.
The Budget allocates more than Rs 2.3 trillion for capital expenditure (capex) to ramp up infra, catalyse economic development and generate jobs for the youth.
The Budget was tabled by UP finance minister Suresh Khanna in the UP Vidhan Sabha or the legislative assembly.
The CM asserted the UP Gross State Domestic Product (GSDP) had more than doubled from around Rs 12.5 trillion in 2016-17 to Rs 25 trillion.
He said UP has become a revenue surplus state by plugging revenue and tax leakages, and without raising taxes and putting extra burden on the people.
UP has controlled fiscal deficit at 3.46 percent of the GSDP, which is within the ceiling of the RBI mandated 3.5 percent under the Fiscal Responsibility and Budget Management (FRBM) parameters.
UP Annual Budget 2024-25 has projected receipts of more than Rs 7.21 trillion, including revenue and capital receipts of nearly Rs 6.06 trillion and Rs 1.15 trillion respectively.
Similarly, the expenditure of Rs 7.36 trillion comprises Rs 5.32 trillion and Rs 2.04 trillion in revenue and capital heads respectively.