State Budget
Rajasthan Budget 2023 – State budgets, like the Union Budget, is typically associated with the State Finance Minister presenting the Budget in the State Assembly/Vidhaan Sabha. While that exercise is the public presentation of the State budget, there is a lot of work that goes on behind the scenes to prepare and execute the budget.
At the outset, it is critical for a State Government to determine where and how much money it can raise for its Receipts Budget. Simultaneously, the government must assess where the funds raised will be spent in order to create its Expenditure Budget.
In addition to receipts and expenditures, the State Budget must include a few other key documents, such as the Detailed Demand for Grants, the Gender Budget Statement, and the Statement on the Welfare of Children, among others. Given all of these considerations, it is critical to gain an understanding of the multifaceted aspects of state budgets and the various steps involved in finalizing them. State governments can obtain funds from a variety of sources.
According to the Indian Constitution, the Union Government is required to share a portion of all tax revenue raised with state governments. This portion of the tax collection that the Central Government shares with the State Governments is known as the States’ Share in Central Taxes.
As there are goods and services that people will not necessarily purchase with their own money, such as police services, and services that require outside intervention to ensure their efficiency. The government provides these goods and services to citizens, and it must spend money from the public treasury to do so.
The budget is a plan that is established in advance to monitor the efficiency of public expenditure, to find a source of funding for the expenditures, and to determine which goods and services will be provided by the government.
The government also has financing costs in addition to all of this. If the government borrows money to fund its activities, it must repay the loan (the amount borrowed by the government, i.e., the principal) in addition to interest payments, just like households.
The Ministry of Finance’s Accountant General’s Department publishes an annual report detailing the state’s debts and their evolution over the previous few years, segmented by various parameters.
Rajasthan Budget
The Rajasthan Budget 2023 was presented in the state assembly on February 10, 2023, by the Chief Minister of Rajasthan. Rajasthan Chief Minister Ashok Gehlot unveiled a populist budget that prioritized youth, the unemployed, and women.
He presented his last budget before the state assembly election, as he also serves as finance minister. Rajasthan Chief Minister Ashok Gehlot, who also serves as Finance Minister, presented the state budget for 2023-24 on Friday.
The Budget document was finalized in the presence of Secretary of Finance (Revenue) Krishna Kant Pathak, Additional Chief Secretary of Finance Akhil Arora, Secretary Finance (Budget) Rohit Gupta, Secretary Finance (Expenditure) Naresh Kumar Thakral, and Director of Finance Brajesh Sharma.
Revenue receipts of Rs 2 lakh 33 thousand 988 crores 1 lakh are estimated in the budget for 2023-24. Revenue expenditure of Rs 2 lakh 58 thousand 883 crores 68 lacks is estimated in the budget estimates for the fiscal year 2023-24. The revenue deficit is estimated at Rs 24 thousand 895 crores 67 lakhs in the budget estimates for 2023-24.
The fiscal deficit for 2023-24 is estimated at 62,771.92 crores, with a GSDP percent of 3.98. An ‘inflation relief package’ worth more than Rs 19 thousand crores was announced in this budget. It has been announced that the Chief Minister’s Free Electricity Scheme will provide free electricity to consumers who use up to 100 units of electricity per month.
It has been announced that under MNREGA and the Indira Gandhi Urban Employment Guarantee Scheme, employment guarantees will be provided for 125 days per year. The minimum pension of one thousand rupees per month for social security pensioners will be automatically increased by 15% every year.
He announced the formation of the Gig Workers Welfare Board and the establishment of the Gig Workers Welfare and Development Fund, both worth Rs 200 crore. The ‘Priyadarshini Day-Care Center Scheme’ announced the establishment of 500 daycare centers for the care of working women’s infants.
He announced the construction of a 1,100-MW lignite-based power plant in Barmer for approximately Rs 7,700 crore. He announced the launch of the Rajasthan Greening and Rebleeding Mission to make Rajasthan a ‘Green State’. in each district He announced the opening of one Love-Kush Garden.
He announced the establishment of the Rajasthan Budget 2023 of a Rs 100 crore Public Artists Welfare Fund and the launch of the Chief Minister’s Lok Kalakar Protsahan Yojana. The amount of the Farmers Welfare Fund has been increased from Rs 5,000 crore to Rs 7,000 crore.
He announced the establishment of organic products in Jaipur and Jodhpur at a cost of Rs 100 crore. He announced the establishment of a Fig Centre of Excellence in Sirohi. Tonk will house an Apiculture Center of Excellence. Free electricity has been announced for all over 11 lakh farmers who use up to 2000 units per month. He announced the establishment of a Center of Excellence in Panchakarma.
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