Chandigarh: Haryana Chief Minister Manohar Lal Khattar on Thursday in his Budget speech said the state’s growth rate was estimated to be at 7.1 per cent.
“This budget also reflects our commitment for the development of the state as per the Sustainable Development Goal (SDG) Vision — 2030. Haryana contributes about 3.86 per cent to India’s Gross Domestic Product (GDP), which is more than proportionate to its size or population.
“It is a matter of pride for Haryana that the GSDP growth rate is estimated to be 7.1 per cent in year 2022-23, ” Khattar, who also holds the portfolio of Finance, told the assembly.
He said the rate of growth of the State Gross Domestic Product (GSDP) has been more than the country’s Gross Domestic Product and the per capita income of the state has been more than the country’s per capita income.
The annual compound annual growth rate of Haryana’s GSDP at constant prices from 2014-15 to 2022-23 has been 5.62 per cent, while the nation’s GDP growth rate during the same period has been 4.58 per cent.
As a result, the share of Haryana in the nation’s gross domestic product has increased from 3.52 per cent in the year 2014-15 to 3.86 per cent in the year 2022-23.
He said the trends in sectoral composition of state’s GSDP showed the share of primary sector, secondary sector and tertiary sector in GSDP is likely to be 19.6, 29.7 and 50.7 per cent, respectively, in 2022-23.
While presenting his government’s fourth budget, Khattar said the national per capita income at current prices was Rs 86, 647 in 2014-15, which is likely to increase to Rs 1, 70, 620 in 2022-23, whereas for Haryana it has increased from Rs 1, 47, 382 in 2014-15 to Rs 2, 96, 685 in 2022-23.
He said in Budget estimates 2023-24, revenue receipt at Rs 1, 09, 122 crore, comprising tax revenue of Rs 75, 716 crore and Rs 12, 651 crore as non-tax revenue have been projected.
In the tax revenue receipt, GST, VAT, excise and stamp and registration are the major sources of revenue receipt.
The share of Central tax is Rs 11, 164 crore and grant-in-aid is Rs 9, 590 crore. Besides, capital receipt of Rs 71, 173 crore has been projected.
The Finance Minister also said that Haryana has always remained successful to maintain the fiscal parameters within the norms stipulated by the Central Finance Commission and the Centre.
The fiscal deficit has been contained at 3.29 per cent of GSDP in revised estimates 2022-23 as against the permissible limit of 3.5 per cent of GSDP.
For 2023-24, the fiscal deficit of 2.96 per cent of GSDP is projected which is within the allowed limit.
Khattar said the overall debt stock has also been successfully contained within the prescribed limit.
The debt to GSDP ratio in revised estimates of 2022-23 is 25.78 per cent as against the limit of 33.3 per cent of GSDP.
For 2022-23, the debt stock is projected at 25.45 per cent of GSDP, much below the stipulated norms of 33.1 per cent of GSDP.
“We will continue to exercise fiscal prudence as this is the only path to sustainable economic development, ” he added.
The Chief Minister presented a budget of Rs 1, 83, 950 crore, the biggest in the state’s history.
In this year’s budget, there is an increase of 11.6 per cent over revised estimates of 2022-23 of Rs 1, 64, 808 crore.
He also announced that no fresh taxes have been imposed in the budget as the government aims to build a ‘Resilient and Resurgent’ Haryana.