An analysis of the State Budgets conducted by the Industry body PHDCCI indicates that the states have majorly focused on health, education, farmer welfare, child nourishment, employment creation and youth skills in their respective budgets for FY2023-24, said Mr. Saket Dalmia, President, PHD Chamber of Commerce and Industry in a press statement issued here on May 28.
The States including Bihar, Uttar Pradesh, Punjab, Jharkhand and Goa have provided large budget size in the tune of more than 25% of their nominal GSDPs for 2023-24, said Mr. Dalmia.
Among the North-Eastern states, Manipur and Arunachal Pradesh have provided a large size of their budget as a percentage of their respective GSDPs, said Mr. Dalmia.
The fiscal deficit scenario of the states for FY 2023-24 has been observed comparatively strong (i.e. less than 3%) for the states including Gujarat, Maharashtra, Telangana, Uttarakhand, Karnataka, Delhi and Jharkhand, said Mr. Saket Dalmia.
In the revenue scenario, Maharashtra, Uttar Pradesh, Tamil Nadu, Gujrat and Telangana have been observed strong in their tax revenue receipts in FY 2023-24 which are more than 75% of their total tax revenue.
States like Uttarakhand, Himachal Pradesh, Goa, Odisha and North-eastern states i.e. Assam, Meghalaya, Manipur, Arunachal Pradesh and Mizoram have been observed strong in their non-tax revenue receipts in FY 2023-24, said Mr. Dalmia.
Different sectors of the economy have been prioritized by different states in their respective State Budgets for FY2023-24, said Mr. Dalmia
Assam has focused on promotion of micro-entrepreneurship for families living below poverty-line, Gujarat has allocated majority of funds towards high quality research, Himachal Pradesh shows large budget chunk allocated towards power sector development and Maharashtra shows commendable sustainable efforts in the field of green hydrogen, green ammonia, solar and wind energy, said Mr. Dalmia.
Also Read: Uttar Pradesh Budget 2023-24: Education gets over Rs 20,000 crore allocation