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State Budget

3/1/2018

After the enforcement of the GST (Goods and Service Tax) and its implementation by the Central Council of Finance Ministers of the State under the Chairmanship of Union Finance Minister, the State Budgets have become dull and drab progress reports and statement of expenditure. The thrill of taxation, new taxes are not there. In the State Vidhan Sabha the Finance Minister Mr.Jayant Malaiyya presented the State Budget of 1,86,698 crores of reveue receipts and expenditure of 1,86,685 crores in the year 2018-19 with marginal surplus of 13 crores of rupees. On the onset Mr.Malaiyya highlighted the achievement of 7.3 per cent growth in the GDP in the year 2017-18 which is higher than the national growth rate of the GDP. He said it was much more important because the state received deficient rain and in many parts of the State there were scarcity of coalition in the agriculture. The contribution of State economy in the National economy has gone up from 3.48 per cent to 3.84 per cent. Under the GST taxation there are five slabs of taxation the 0-5-12-18 and 28 per cent the items are placed in the slab category to make in uniform national tax rate for the whole country. The agriculture growth rate in the state is highest in country and the state was awarded Central Krishi Karman Award successively for the last five years. To absorb and normalize the price fall in agricultural commodities the Chief Minister Mr.Shivraj Singh Chouhan has introduce a novel scheme for the first time in India the ‘Bhavantar Bhugtan Yojna’ - the payment of difference in the prices of the commodities to the farmers. More than 15 lakh farmers have joined this scheme over Rs.1500 crore were paid in the account of the farmers. The perishable onion is posing problem every year with bumper crop and price crash. In the Budget there is provision of Rs.250 crore for give Bhavantar to onion farmers. The storage capacity of onion being created of 5 lakh meric tonnes. The Finance Minister said the Madhya Pradesh is in the third position in the milk production in the country. The State Budget has provided 10,978 crore in the irrigation sector. The State has provided share capital of 300 crores in the Narmada Basin Company to harness full potential of irrigation from the Narmada river. This year the fund allocation for irrigation is 17 per cent more than the proceeding years. The irrigation fund is of 37,498 crores of rupees. For school education there is provision of 21,729 crores which is higher by 21 per cent this year. The Government has almost decided to enhance pension of Government staff by 10 per cent who have retired before 2016.

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