Haryana Budget 2018: No new taxes; 8.2% growth seen - All you need to know

No new taxes have been proposed in the Haryana budget, presented by Finance Minister Captain Abhimanyu in the Assembly, here on Monday.

Presenting a Rs 132,165.99 crore budget for 2019-20, which is a 14.73 per cent increase over the budget estimates (BE) 2018-19 outlay of Rs 115,198.29 crore, and 9.79 per cent over revised estimates (RE) 2018-19 of Rs 120,375.40 crore, the Minister said, as per advance estimates for 2018-19, the GSDP (gross state domestic product) is expected to achieve a 8.2 per cent growth, against 7.2 per cent recorded at the national level.

"The budget outlay comprises 28.7 per cent as capital expenditure of Rs 37,924.09 crore and 71.3 per cent as revenue expenditure of Rs 94,241.90 crore. Like last year, I have aligned this year`s budget allocation with sustainable development goals (SDGs).

"Rs 46,562.37 crore, out of the total budget of Rs 1.32 lakh crore, has been allocated to the schemes pertaining to 15 SDGs being implemented in the state," Abhimanyu said.

He maintained his record of `no new taxes` in his fifth budget. "I do not intend to propose any change in the present tax rates under the Haryana Value Added Tax (HVAT) Act 2003 or introduce any new tax in budget estimates for 2019-20," he said.

Since 2014-15, the per capita income of the state is estimated to have increased by over 34 per cent at constant prices.

"The per capita income at constant prices in 2017-18 was estimated at Rs 157,649, which is likely to rise to Rs 168,209 in 2018-19 compared with the all-India figure of Rs 91,921. 

"The per capita income of the state at current prices in 2014-15 was Rs 147,382. In 2017-18, it was estimated at Rs 203,340, which is likely to increase to Rs 226,644 in 2018-19 compared with the all-India figure of Rs 125,397 in 2018-19, making Haryana one of the leading states with the highest per capita income," he said.

Abhimanyu said by following prudent fiscal management policies, "we are able to keep the fiscal deficit within the 3 per cent limit, prescribed by the 14th Finance Commission, though the demand for funds for development activities has increased manifold over the years."

Haryana assembly will go to polls later this year.