Punjab FM presents ₹1.96-lakh-crore Budget for 2023-24; Agri, Education, and Health key focus areas

Punjab Chief Minister Bhagwant Mann and Finance Minister Harpal Singh Cheema with Punjab Budget for FY 2023-24.
| Photo Credit: PTI

Punjab Finance Minister Harpal Singh Cheema presented a ₹1.96-lakh-crore State Budget for 2023-24 in the Assembly here on March 10 with a focus on agriculture, education, and health segments.

Speaking in the Assembly, Harpal Cheema said education, health, and agriculture are among the priority sectors for the government.

“Total Budget size has been increased by 26% to ₹1,96,462 crore for 2023-24 over the previous year, the State Finance Minister said.

It is the first full Budget of the AAP Government. After coming to power in March 2022, the AAP Government first passed a vote-on account on March 22 and then it presented its Budget in June for the remaining part of the year.

The Finance Minister proposed ₹13,888 crore for agriculture and allied sector, up by 20%. The government will soon come out with a new agriculture policy for which a committee of experts have been formed for the purpose, he said.

“A sum of ₹1,000 crore has been allocated for crop diversification. A revolving fund for Basmati crop purchase has also been set up”, he said.

The government has decided to launch a risk mitigation crop insurance scheme — Bhaav Antar Bhugtan Yojana.

Mr. Cheema said that ₹125 crore has been allocated for direct sowing of paddy and moong crop purchase.

On the stubble burning issue, Mr. Cheema said that there has been a drop of 30% in stubble burning incidents.

Cheema said that a free power subsidy of ₹9,331 crore for the farm sector has been earmarked for 2023-24.

On the health sector, he said 10.50 lakh people have been treated in ‘Aam Aadmi Clinics’ in the state so far. He said 26,797 jobs have been given so far by the Bhagwant Mann government.

The effective revenue deficit and fiscal deficit have been pegged at 3.32% and 4.98% of the gross state domestic product (GSDP) respectively.

A sum of ₹74,620 crore has been proposed towards the committed expenditure, a jump of 12% in comparison to FY 2022-23.

Effective capital expenditure is pegged at ₹11,782 crore, an increase of 22% in comparison to the previous fiscal.