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| Finance Minister's 'zero deficit' budget shows over 8 % hike in total expenditure | | Rs 31212 cr budget in projected plan outlay of Rs 6,600cr for J&K | | EARLY TIMES REPORT
Jammu, Mar 7: In his third consecutive budget during the present coalition regime, J&K's Finance Minister AR Rather today claimed it was zero deficit with total receipts and total expenditure shown at Rs 31212 cr though the figures suggest nearly 8 % increase in the total expenditure during the next financial year . Total expenditure was at Rs 28733 cr during the current financial year. The estimates of the receipts and expenditure have been worked out by the government on a projected state plan outlay of Rs 6,600 cr as the actual plan figure is yet to be finalised by the Planning Commission. The budget presented in the state Assembly today heavily incorporates the details of many schemes fully aided and funded by the Centre, though the focus has also been some new welfare measures coupled with extension of exemption, concessions of VAT existing in many sectors.
The Finance Minister in his detailed speech claimed relief given to employees and pensioners, a complex issue which present has been facing for over two years, with 10 % DA due since July last year to be released along with the salary of April this year, a step which will have implication of about Rs 700cr and Rs 500 cr on account of arrears. The amount of the non plan salaries and pension has also been shown having registered increase at Rs 14011 cr.Budget also shows share of central taxes having gone up at Rs 3328 cr as against Rs 2911 cr during 2010-2011.
Though there are no fresh taxes on general consumer items, VAT has been increased substantially, nearly double amount on tobacco and tobacco products from 13.5% to 25% and toll hiked on raw tobacco by one rupee per kg. Toll on sheep and goats has also been increased , a step which government claims rationalising from its number to weight.Toll has also been hiked on edible oils by 60 paise per kg besides poultry by one rupee per kg, astep which government claims will encourage local production of poultry. However, economic experts have it say that even as these are nominal hikes, it shall have telling effect on the end consumers. The Finance Minister has also brought the services of TV Radio programme production, architects interior decorators , chartered accountants , advertisement hoardings under the tax net.
Even though Finance Minister has loudly claimed that austerity measures would continue but there is no mention of the measures already under way or the new ones which can actually bring some relief to common masses.
"We have presented a zero deficit budget in state Legislative Assembly with focus on resource mobilisation and welfare initiatives," Rather said while addressing media after presenting the budget.
Contending that revival of state finances through additional resource mobilisation, Rather said, "I am placing the target of tax revenue collection for the next fiscal at Rs 4,183 crore as against current year''s tax figures of Rs 3,505 crore."
Of the total collection targets, budgetary estimates for VAT collection has been kept at Rs 3,025 crore aiming to increase Rs 514 crore over current year''s tax estimate of VAT of Rs 2511 crore.
Rather said that government has taken welfare initiatives in its budget by announcing much awaited Dearness Allowance (DA) at the rate of 10 per cent from July 2010 along with the salary and pension of April 2011.
In its 'major' proposals which the government feels will bring huge relief, senior pensioners who attained the age of 90 years will get the DA in one instalment and those between 80-90 years as on April 1, will get 50 per cent of the pension revision arrears.
Similarly, daily wagers will get an enhanced renumeration of Rs 125 per day from April this year from presently Rs 110 per day, he said adding Rs 55 crore have been kept in the budget for Golden Handshake of the employees of ailing Public Sector Undertaking (PSUs). .
In the welfare measures, even as thrust of the initiatives has been on agriculture sector in which many areas have been exempted from VTA and toll apparently to give relief to the farmers and boost localised productions, one of the ne steps which government is going to take is the announcement of 'Beti Anmol scheme' aimed at resseting dropout rate of girl students in schools in 97 educationally backward blocks identified for teh purpose.
"With a view to deal with the problem of gender gap in secondary education, new initiative 'Beti-Anmol', has been announced from the next financial year." Rather said,adding "Our daughters are makers of the future of our society so it becomes our bounded duty to ensure that they do not lag behind in receiving secondary and higher education." Under the proposed scheme the girl students who pass matriculation examination and get themselves enrolled in the 11th class, shall be given incentive in the shape of a bank deposit amount of Rs 5,000, which shall be encashable by them on passing their higher secondary studies.
Finance Minister Rather's 'zero deficit' budget also promised jobs with teh claim that a large number of employees would be recruited on pattern of ReTs' and a provision of Rs 40 cr set apart for employment and welfare programme for youth under SKEWPY. |
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