Agriculture Industry

Inclusive Education, Financial Resilience, and Sustainable Agriculture Key Focus Areas in State Budgets for 2023-24: PHD Chamber

26 May 2023, New Delhi: An analysis of the State Budgets conducted by the Industry body PHDCCI indicates that the states have majorly focused on health, education, farmer welfare, child nourishment, employment creation, and youth skills in their respective budgets for FY2023-24, said Mr. Saket Dalmia, President, PHD Chamber of Commerce and Industry in a press statement issued here today.

The States including Bihar, Uttar Pradesh, Punjab, Jharkhand, and Goa have provided large budget sizes to the tune of more than 25% of their nominal GSDPs for 2023-24, said Mr. Dalmia.

Among the North-Eastern states, Manipur and Arunachal Pradesh have provided a large size of their budget as a percentage of their respective GSDPs, said Mr. Dalmia.

The fiscal deficit scenario of the states for FY 2023-24 has been observed as comparatively strong (i.e. less than 3%) for the states including Gujarat, Maharashtra, Telangana, Uttarakhand, Karnataka, Delhi, and Jharkhand, said Mr. Saket Dalmia.

In the revenue scenario, Maharashtra, Uttar Pradesh, Tamil Nadu, Gujrat, and Telangana have been observed strongly in their tax revenue receipts in FY 2023-24 which are more than 75% of their total tax revenue.

States like Uttarakhand, Himachal Pradesh, Goa, Odisha, and North-eastern states i.e. Assam, Meghalaya, Manipur, Arunachal Pradesh, and Mizoram have been observed strongly in their non-tax revenue receipts in FY 2023-24, said Mr. Dalmia.

Different sectors of the economy have been prioritized by different states in their respective State Budgets for FY2023-24, said Mr. Dalmia

Assam has focused on the promotion of micro-entrepreneurship for families living below the poverty line, Gujarat has allocated the majority of funds towards high-quality research, Himachal Pradesh shows a large budget chunk allocated towards power sector development and Maharashtra shows commendable sustainable efforts in the field of green hydrogen, green ammonia, solar and wind energy, said Mr. Dalmia.

Also Read: Tractor industry in India expected to grow by 3-4% in 2023-24: Narinder Mittal, Managing Director of CNH Industrial India

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