Jharkhand Govt Under Champai Soren Presents 2024-25 Budget

The inaugural budget of the Jharkhand government under newly appointed Chief Minister Champai Soren was presented on Tuesday. The budget for the next fiscal year 2024-25 was set at Rs 1.28 trillion.

The projected budget for the upcoming year increased by 10 percent compared to the 2023-24 budget estimates, and it rose by 6.5 percent compared to the revised estimates.

The JMM-led coalition government initially proposed a budget of Rs 1.16 lakh crore for the 2023-24 financial year, but later increased the budgeted amount to Rs 1.20 lakh crore.

The projected fiscal deficit for the financial year 2024-25 is expected to be 2.02 per cent, compared to the goal of capping it at 3.0 percent of the GSDP.

"For the purpose of FRBM Act GSDP estimate by CSO is used and may lead to change in estimation of fiscal deficit," the Budget document said.

Based on the present value, the projected Jharkhand GSDP for 2024-25 is estimated to be Rs 470,103.54 crore, with an assumed growth of 9.80 percent over the advance estimate of 2023-24 at Rs 428,154.78 crore.

"With this Budget, there will be further development in the state. This budget is in the interest of every section of the society," Jharkhand CM Champai Soren told reporters after the Budget was tabled by the finance minister Rameshwar Oraon, on the floor of the Assembly.

According to the Budget document, the breakup of Jharkhand's receipts includes 31 per cent from the share of central taxes, 26 per cent from the state's own taxes, 15 per cent from the state's own non-taxes, 13 per cent as grants in aid, 14 per cent from borrowings, and 0.1 per cent from the recovery of loans and advances.