Punjab Budget For 2023

Finance Budget

Punjab Budget- Financial budgeting is the process of forecasting a company’s expenses and revenues over a specific time period. Budgets are financial statements that outline management’s plans.

Allocating financial resources and identifying available cash flows for required spending are both part of this process.

A budget and financial planning strategy outline a company’s expectations for the current, upcoming year, or another timeframe.

Punjab Budget

Financial budgeting represents an organization’s overall financial position, goals, and cash flow. This consistent practice of timely operational and financial budgeting establishes a baseline against which actual results can be compared to expected performance.

Steps in the basic corporate financial budgeting process for an annual budget typically take three to six months to complete.

Financial budgeting enables a team to tactically implement a business plan to achieve corporate goals based on a detailed and descriptive roadmap using predefined metrics.

This enables careful monitoring of performance over time and the ability to make changes while still in progress to eventually achieve the desired goals.

Punjab Budget For 2023

Punjab Budget 2023 Punjab Finance Minister Harpal Singh Cheema on Friday unveiled finances of Rs 1,96,462 crore for 2023-24, up 26%, excluding new taxes and mainly focusing on agriculture, education, and health.

Cheema announced several new programs in its first full Punjab Budget, including a market price risk mitigation program for the horticultural sector, solarization of agricultural pumps, a young entrepreneur program, and two coaching initiatives for students.

The actual income deficit and the budget deficit were estimated at 3.32% and 4.98% of GDP, respectively.

Punjab Budget For 2023

The finance minister has proposed an allocation of Rs. 13,888 crore for agriculture and related sectors, a 20% increase from the previous budget, and announced that the government will soon present a new agricultural policy,  which has set up a technical committee.

A total of Rs 1,000 crore has been allocated for crop diversification. In Punjab Budget, He also announced that a revolving fund has been set up to buy basmati crops.

The government has launched a new risk reduction program for horticultural producers called Bhaav Antar Bhugtan Yojana. Cheema said Rs 125 crore is earmarked for directly purchasing rice grains and moong seedlings.

Cheema said a free energy subsidy of Rs 9,331 crore is earmarked for the agricultural sector in 2023-24. He said Bhagwant Mann’s government has created 26,797 jobs so far in this Punjab Budget.

In the health sector, 10.50,000 people have been treated in the state’s “Aam Aadmi Clinics” so far. He said that of the initial target of setting up 117 “Aam Aadmi clinics”, 504 have already been set up and another 142 are set to open in the coming days.

He said the AAP government is working hard to remove the obstacles left by the previous regimes,  adding that the current government has inherited the financial mess left by the previous regimes.

Cheema said “Many of those who looted Punjab are already behind bars,” without naming anyone. The once powerful and ubiquitous mafia that operated with impunity no longer exists.

“Many sectors reeking of corruption and mafia havens have been purged thanks to strong political will and righteous intentions,” he said. 

Punjab Finances

Cheema said that “despite repeated requests to the Union Government, I am sorry to say that it has been deaf to the State’s legitimate demands for Rs 9,035 crore”.

“For example, a subcommittee set up by the 15th Finance Committee, chaired by Dr. Ramesh Chand duly verified the legitimate claims of Rs 6,155 crore in his report in this Punjab Budget.

In addition Punjab Budget, Rs 2,880 crore was raised for the Rural Development Fund, which He said the 3%  MSP on purchased grain previously repaid by the FCI had not been released to the center.

He said 117 schools were identified as “excellent schools” in the education sector. The modernization works of these schools have already started on a trial basis in four schools in the district of Amritsar.

The Punjab Young Entrepreneur program was introduced in the education sector to encourage 11th-grade students to submit original business ideas.

The government should help them by providing seed capital of Rs 2,000 per student. A budget of Rs 30 crore is proposed for this purpose.

The Treasury Secretary has proposed two new programs: Career Coaching for Employment and Soft Skills and Communication Training, under which students will receive career coaching through the establishment of dedicated Employability Coaching Centers in public universities.

Regarding law and order, he said that some evil forces are always looking for ways to disturb the peace and order in the border state and warned Punjab’s enemies to line up or destroy the state government from top to bottom.

He said the Punjab police counter-intelligence wing has been reinforced with state-of-the-art equipment and infrastructure and is offering Rs 10,523 crore for it in this Punjab Budget.

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