Shimla – Chief Minister Sukhvinder Singh Sukhu presented the Himachal Pradesh Budget for the fiscal year 2024-25, unveiling a comprehensive plan with a total outlay of Rs.58,444 crore.
According to the revised estimates for the financial year 2023-24, the total revenue receipts stand at Rs.40,446 crore. Concurrently, the total revenue expenditure is estimated to be Rs.45,926 crore, leading to a revenue deficit of Rs.5,480 crore.
Economic Growth and Fiscal Health:
The growth rate of Himachal Pradesh’s economy is estimated to be 7.1 percent during 2023-24, showcasing a positive trajectory compared to the 6.9 percent recorded in 2022-23. During the same period, the per capita income in Himachal is estimated to reach Rs.2,35,199, indicating an upward trend in individual prosperity. The State’s Gross Domestic Product is projected to be Rs.2,07,430 crore in the financial year 2023-24.
Debt and Liabilities:
However, amidst the economic growth, the state grapples with increased financial liabilities. Total liabilities in the form of loans have surged to Rs.87,788 crores, signaling a significant rise in financial obligations. The burden of debt has seen a notable escalation, jumping from Rs.47,906 crore in 2018 to Rs.76,651 crore in 2023.
In the upcoming fiscal year, the government anticipates total revenue receipts of Rs.42,153 crore, with the total revenue expenditure pegged at Rs.46,667 crore. Consequently, the state is expected to incur a revenue loss of Rs.4,514 crore. The fiscal deficit for 2024-25 is estimated at Rs.10,784 crore, constituting 4.75 percent of the state’s gross domestic product (GDP).
Breaking down the budgetary allocations, the Chief Minister outlined a strategic distribution of funds. For every Rs.100 of expenditure, Rs.25 will be allocated to salaries, Rs.17 to pension payments, Rs.11 to interest payments, Rs.9 to loan repayments, and Rs.10 to grants for autonomous institutions. The remaining Rs.28 will be directed towards various other activities, including capital works and developmental projects.
Chief Minister Sukhvinder Singh Sukhu emphasized the need for fiscal prudence and responsible financial management. He highlighted that the budgetary allocations have been carefully planned to balance the needs of various sectors while ensuring overall economic stability.
The proposed budget reflects the state government’s commitment to infrastructure development, education, healthcare, and social welfare. Investments in key areas are expected to spur economic growth and improve the overall well-being of the people of Himachal Pradesh.
The Himachal Pradesh Budget for 2024-25 signals a forward-looking approach, with a focus on sustainable development and prudent fiscal management. As the state sets out on a path of growth and progress, the government remains dedicated to meeting the aspirations of its citizens and ensuring a brighter future for Himachal Pradesh.
