Punjab budget 2018 Highlights: From new income tax, free books, sanitary pads to fiscal consolidation, all you want to know
Punjab budget 2018: Among the ones that turned eye-ball grabbers was the proposal to impose a development tax of Rs 200 per month on income taxpayees . Budget 2018, the government said, is intended to focus on fiscal consolidation. The state finance minister Manpreet Singh Badal, while presenting the budget in the Assembly, said the focus was on putting the economy back on rails over the next two years
Punjab budget 2018: The Chief Minister Amarinder Singh led government presented its budget proposals today. Among the ones that turned eye-ball grabbers was the proposal to impose a development tax of Rs 200 per month on income tax payees. Budget 2018, the government said, is intended to focus on fiscal consolidation. The state finance minister Manpreet Singh Badal, while presenting the budget in the Assembly, said the focus was on putting the economy back on rails over the next two years. Finance Minister added, "We have tried to mobilise resources and cut down on expenditure". Here are the Punjab budget 2018 highlights:
1. Key focus areas are agriculture and farmer welfare, industry, health, employees and students.
2. The total budget size was Rs 1,29,698 crore; effective size is Rs 1,02,198 crore.
3. Budget proposed raising Rs 1,500 crore through additional resource mobilisation measures.
4. Government will bring a legislation for imposing a "nominal development tax" at the rate of Rs 200 per month. This will apply to only those Income Tax payees who are engaged in professions, trades, callings and employments. New tax will be called 'Punjab Development Tax'. Government is hoping to garner Rs 150 crore annually.
5. State will provide text-books free of cost to students of Class I to Class 12th studying in government schools during 2018-19. Rs 49 crore has been provided for this.
6. The government will provide free sanitary napkins to all girl students from Class 6-12th in all government schools.
7. All municipal towns/areas would be made Open Defecation Free by June 30, 2018, under the Swachh Bharat Mission.
8. Total outstanding debt of the state is Rs 1,95,978 crore, which is 41.04 per cent of GSDP for 2017-18. The outstanding debt liability is likely to be Rs 2,11,523 crore in 2018-19, 40.82 per cent of GSDP.
9. The debt servicing (principal plus interest) for 2018-19 is Rs 24,870 crore as against the allowed net borrowing limit of Rs 15,545 crore approved by Government of India for financial year 2018-19.
10. Fiscal deficit contained to 4.36 per cent during 17-18 as compared to 12.18 per cent for 16-17. This has been targeted to be 3.81 per cent in 2018-19.
11. The state's revenue expenditure rose from Rs 55,296 crore in 2016-17 to Rs 71,183 crore in 2017-18 and during the same period, expenditure on salaries, wages and grant-in-aid has risen from Rs 21,729 crore to Rs 24,938 crore, and on pensions from Rs 8,773 crore to Rs 9,469 crore.
12. The expenditure on interest payments rose from Rs 11,642 crore to Rs 15,175 crore.
13. Revenue deficit pegged at 2.42 per cent of GSDP in 2018-19.
14. During 2017-18, the GSDP of the state has increased from Rs 4,33,660 crore in 2016-17 to Rs 4,77,482 crore, and it is projected to increase to Rs 5,18,165 crore in 2018-19.
15. Per capita income of the state has also increased from Rs 1,31,112 in 2016-17 to Rs 1,42,958 in 2017-18 and is 28 per cent higher than national average of Rs 1,11,782, he said.
16. On farmers' welfare, total outlay for the year 2018-19 has been increased from Rs 10,581 crore (17-18) to Rs 14,734 crore.
17. On debt waiver, an amount of Rs 4250 crore has been proposed for implementation of this scheme during 2018-19. During 2017-18, Rs 370 crore had been disbursed to 71,166 marginal farmers.
18. Free power is being provided by the state government to farmers and subsidised power to SC, BC and Non SC-BPL category and a provision of Rs 8,950 crore is being made in the budget 2018-19.
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