Jharkhand Budget 2020: From farm loan waiver to free electricity, key things to expect from Hemant Soren-led govt's maiden budget
New Delhi | Jagran News Desk: The JMM-Congress and RJD coalition government in Jharkhand on Tuesday (March 3) will present the Jharkhand state budget for the fiscal year 2020-21. This is the first instance that the coalition government will present the full budget since assuming power in the state on December 29 last year, bringing an end to the BJP-led government.
A decision regarding the state budget was taken at a cabinet meeting by Chief Minister Hemant Soren on February 25.
The budget session in Vidhan Sabha has already begun and will end on March 28, as per an official release.
During a month-long session, Vidhan Sabha will function for 18 days, the release added.
Budget will be of around 80 thousand crores
The state government has insisted on keeping a reality check on the budget. It is clear that instead of increasing the budget size, there will be a special emphasis on revenue receipts. The budget size of the state government is estimated to be around Rs 80,000 crore.
At the same time, key measures will be taken to focus on increasing the resources of revenue. At present, the state government is only getting 20 thousand crore rupees from its resources.
Key focus on farmers, tribals, and youth
Farm loan waiver up to Rs 2 lakh.
Minimum support prices on agricultural products will increase.
Incentives of Rs 500 per quintal on paddy to farmers.
Loans to farmers at cheap interest rates for agricultural implements.
Increase in old age and widow pension to be provided on the first working day of every month.
100 units of free electricity for domestic electricity consumers consuming up to 300 units.
Land to the landless, loans to tribal youth at a cheaper rate for the business.
Allowance to unemployed youth.
Jharkhand is under a debt of about 85,000 crores. This is equivalent to the current budget and about 30 percent of the state's GSDP.
For the last five years, debt has increased by about 10 thousand crores.
The state government achieved only 24 percent of the budget from its tax revenue.
12.5 percent of non-tax revenue is dependent on central assistance for the remaining amount, state's share in central taxes and debt.
Posted By: James Kuanal