Shimla – Chief Minister Sukhvinder Singh Sukhu, who also holds the finance portfolio, set the stage for Himachal Pradesh’s financial roadmap by proposing a substantial State Development Budget of Rs.9,990 crore for the fiscal year 2024-25. Out of this, Rs.2,516 crore is earmarked for the ‘Scheduled Caste Development Programme,’ Rs.899 crore for the ‘Tribal Development Programme,’ and Rs.110 crore for the ‘Backward Area Development Programme.’ Additionally, an outlay of Rs.5,280 crore is proposed for Central Schemes.
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.
As the state prepares for the fiscal year ahead, these financial parameters set the stage for a carefully balanced approach. The Chief Minister emphasized the importance of maintaining fiscal discipline while simultaneously driving development across sectors crucial to the state’s growth.
Sector-wise Allocations and Developmental Vision:
In addition to the overall financial framework, the Himachal Pradesh Budget for 2024-25 delineates detailed allocations across key sectors. The government’s visionary approach includes substantial allocations for healthcare, education, agriculture, and infrastructure.
Health Sector:
Recognizing the imperative need for a robust healthcare system, the Chief Minister proposed Rs.3,415 crore for the Health sector. Initiatives such as the establishment of a “State Cancer Institute” and “Cancer Day Care Centres” reflect a commitment to addressing critical health challenges.
Education and Skill Development:
The Education sector, a cornerstone of progress, is allocated Rs.9,560 crore. This allocation aims to strengthen educational institutions, promote skill development, and empower the youth with the tools necessary for a prosperous future.
Agriculture and Horticulture:
With Rs.582 crore allocated for the Agriculture sector and Rs.531 crore for Horticulture, the budget underscores the significance of sustaining and enhancing the agrarian backbone of the state.
Infrastructure Development:
A substantial allocation of Rs.4,317 crore for roads and bridges signals the government’s commitment to improving connectivity and infrastructure, vital for economic growth and accessibility.
Women and Child Development, Rural Empowerment, and Environmental Conservation:
The budget reflects a holistic vision with allocations of Rs.2,457 crore for Women and Child Development, Rs.2,356 crore for Panchayati Raj and Rural Development, and Rs.834 crore for the Forest Department, emphasizing the importance of inclusive growth, rural empowerment, and environmental conservation.
As the government prioritizes fiscal prudence and allocates resources strategically, the Himachal Pradesh Budget for 2024-25 aims to foster sustainable development and improve the overall well-being of its citizens. Stay tuned for further updates as we delve into the detailed allocations and initiatives shaping the state’s fiscal landscape.
