Bihar finance minister S K Modi today presented a revenue surplus Budget of Rs 78,686.83 crore for 2012-13, with thrust on agriculture, education and infrastructure.
It has proposed to raise tax on tobacco and its products to 20% from 13.5%.
For 2012-13, the revenue surplus is Rs 7,088.59 crore and will be used for investment in physical infrastructure, generating productive capital assets like roads, buildings, power, schools and health centres, and irrigation schemes, Modi, who is also the Deputy chief minister, told reporters.
The fiscal deficit for 2012-13 is Rs 7,569.43 crore, which is 2.87% of the Gross State Domestic Product (GSDP). The fiscal deficit to GSDP has been limited to 3% as per the FRBM Act.
The net borrowing for the next fiscal has been limited at Rs 7,916 crore by the Government of India and the GSDP estimate arrived at for the year is in accordance with 13th Finance Commission recommendations.
The public debt is estimated to be Rs 59,732.81 crore, which is 22.64% of GSDP, Modi said.
He said the state plan outlay for the next fiscal is estimated at Rs 28,000 crore, Rs 4,000 crore more than Rs 24,000 crore for the year 2011-12.
Earmarked outlay is estimated at Rs 6,031.73 core, Rs 43.10 crore more than Rs 5,988.63 crore for 2011-12.
Department-wise, Rs 3,670.26 crore has been allocated for education in the state Plan for 2012-13; Rs 3,613.63 crore for road construction; Rs 2,192.47 crore for water resources; Rs 2,118.40 crore for social welfare; Rs 2,001.75 crore for energy; Rs 8,663.37 crore for planning and development; Rs 1,661.78 crore for rural works; Rs 1,574.84 crore for rural development; Rs 1,200 crore for agriculture; Rs 1,186.00 crore for panchayati raj and Rs 6,917.50 crore for others.