Uttarakhand Finance Minister Premchand Aggarwal unveils Rs 88,000 crore budget for fiscal year 2024-25

Uttarakhand Finance Minister Premchand Aggarwal on Tuesday presented the state's budget of Rs 89.23 thousand crore for the fiscal year 2024-25. Finance Minister Agarwal presented the budget in the assembly in the presence of Uttarakhand Chief Minister Pushkar Singh Dhami. In his address, Finance Minister Premchand Aggarwal outlined the key principles underlying the budget, emphasizing the concept of "pioneering Uttarakhand."

Finance Minister Aggarwal said, "Our concept of pioneering Uttarakhand is to develop all the people of the state and all the regions in harmony with tradition, technology and modern infrastructure and nature. Our endeavor is to provide opportunities for the betterment of village and city, hill and plain, man and woman, youth and old, farmer and entrepreneur". He added, "This model of development is based on economy, ecology, technology, innovation and accountability. It is a budget dedicated to transparency and efficiency, better life for citizens, accessibility and ease of doing business". Aggarwal reiterated the government's commitment to providing equitable opportunities for advancement, irrespective of geographical or demographic disparities.
He underscored that the budget prioritizes infrastructure development to cater to both present and future needs, with a strong emphasis on propelling Uttarakhand towards its goals of progress and prosperity.

Minister Aggarwal said, "This budget is the builder of such an infrastructure that will be built keeping in mind the needs of the present as well as the future. A strong Uttarakhand will help in achieving the goals in a timely manner and the goals of 'Satt Vikas' can be achieved at a faster pace". "Our destination is strong Uttarakhand. 'Leading Uttarakhand' is the absolute resolution of our government. I am presenting the budget estimates for the financial year 2024-25 to build an empowered Uttarakhand with the collective energy of the great people of Devbhoomi", Minister added.

The total receipts for the fiscal year 2024-25 are estimated at Rs 88,597.11 crore, comprising revenue receipts of Rs 60,552.90 crore and capital receipts of Rs 28,044.21 crore. Finance Minister Aggarwal detailed that revenue receipts include tax revenue of Rs 36,146.47 crore, which encompasses the state's share of central taxes amounting to Rs 13,637.15 crore. Furthermore, the state anticipates revenue of Rs 27,382.70 crore from its own sources, with tax revenue estimated at Rs 22,509.32 crore and non-tax revenue at Rs 4,873.38 crore. Turning to expenditure, Minister Aggarwal outlined allocations for various sectors.

Repayment of loans, including financial advances, is budgeted at Rs 19,136.53 crore, while salary allowances for state employees amount to approximately Rs 17,184.89 crore. Pension and other retirement benefits are allocated Rs 1,305.71 crore, and other expenditures are estimated at Rs 8,145.50 crore.

The total expenditure for the fiscal year 2024-25 is projected at Rs 89,230.07 crore, comprising revenue account expenditure of Rs 55,815.77 crore and capital account expenditure of Rs 33,414.30 crore. Minister Aggarwal highlighted that the budget estimates anticipate no revenue deficit for the year, projecting a revenue surplus of Rs 4,737.13 crore and a fiscal surplus of Rs 9,416.43 crore. He emphasized that the deficit is estimated to be 2.38 per cent of the gross state domestic product, remaining within the limits specified in the Fiscal Responsibility and Budget Management (FRBM) Act. Minister Aggarwal revealed that the estimated opening balance for the fiscal year 2024-25 stands at Rs 6.16 crore positive, with an anticipated year-end balance of Rs 73.20 crore positive.