Despite revenue growth, state’s budget may not see substantial hike for next fiscal
PATNA: Despite the country’s economy showing signs of recovery with revenue generation improving in the current year, giving much of a breather to states in terms of higher central devolutions amid Covid pandemic, Bihar’s next year’s budget for the fiscal year 2022-23 may not see a substantial hike in terms of total budget size, officials said.
According to people aware of the development, the budget size for the next fiscal year 2022-23 would be more or less the same as this fiscal year standing at ₹2.18 lakh crore, though it might be tweaked a bit depending much on the last six installments of central devolutions in next three months and figures of state’s internal revenue.
“ Though there has been improvement in internal revenue this year from last year’s corresponding period, there is a big challenge of provisioning higher allocations owing to likely shortfall in central devolutions from state’s share in central taxes and grants,” said a state financial department person, aware of the development.
The finance department has already held series of meetings with all departments to assess the funds required for various development works and committed expenditure ( non-plan) in a bid to draw up the final budget size by end of December or early January 2022.
People aware of the development said that the state government has received ₹41,000 crore as state’s share in central taxes till November as against the projection of getting of ₹91,000 crore for the current fiscal year, 2021-22 ending March 2022.
The state’s share in central taxes comes in 14 installments with three installments given in the month of March. In terms of grants in aid from the Centre, the state has received a sum of ₹19,000 crore so far as against the projection of ₹54,531 crore. People aware of the development said the state’s internal revenue is hovering around ₹25,000 to Rs30,000 crore till November against the target of generating ₹40,000 crore.
Additional chief secretary ( ACS), finance S Siddharth, however, refused to comment on the likely budget size for the next fiscal year or about possibilities that the total budget size would remain same as the current year .
The ACS, finance also informed that there would be pre-budget consultations with various stakeholders and representatives from industry and other sectors as like previous years. “ Yes, we have had meetings with departments on budget,” he added.
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