No new taxes in Haryana’s Rs 2.05 lakh crore Budget

Chandigarh: Haryana Chief Minister Nayab Singh Saini presented a state Budget of Rs 2.05 lakh crore, a jump of 13.7 percent from last year’s Budget, in the Assembly on Monday with tranches going to key sectors like education, farmers, women, home and health.

The department of Industry and Commerce saw the maximum increase of around 129 percent from Rs 805.75 crore allocated last to Rs 1848.12 crore allocation in the latest Budget. Meanwhile, the fiscal deficit has been estimated at 2.67 percent less than the 3 percent limit under the FRMB Act.

The government has refrained from imposing any new taxes while the per capita income of the state has also increased from 3,19,363 in 2023-2024 to 3,53,182 in 2024-2025. The debt liability percentage to GSDP has increased to 26.18 percent.

Among the key attractions of the budget are the newly launched, ‘Haryana AI Mission’ with one hub each in Gurugram and Panchkula. These hubs will train over 50,000 youth and professionals from Haryana. On similar lines, the Chief Minister has announced a new department – ‘Department of the Future’ which aims to make the state ‘future-capable’. The department will anticipate upcoming challenges, disparities and new opportunities for economic development.

To keep a tab on drug abuse among youth, Saini has proposed creating a new authority called SANKALP (Substance Abuse & Narcotics Knowledge, Awareness & Liberation Program Authority).

Saini revealed that presently 12 schools are operating in double shifts in the districts of Ambala, Kaithal, Kurukshetra, Fatehabad, Charkhi Dadri and Mahendragarh. These schools will work in single shifts by developing the necessary infrastructure. Besides this, the CM announced organizing Haryana Math Olympiad every year for Class 10 and 12 students.

Boosting sports further, the new budget suggested that if any Olympic medalist wishes to open a sports academy in their home district, he or she will be provided a loan upto Rs 5 crore at cheaper rates with a 2 percent subsidy on interest by the government.

Saini, said that the government has made a provision of Rs 5,000 cr for the implementation of “Lado Laxmi Yojana”.

Citing the government’s hard work during the last 10 years, Saini said the state’s GDP has grown at an average annual rate of 10.8 percent and the per capita income has increased at an average annual rate of 9.1 percent. He said that the revenue deficit is projected to be 1.47 percent of GDP.

Saini said that the debt incurred by government undertakings has not increased by a single rupee over the past 10 years.