The Uttar Pradesh government is likely to present the largest ever annual budget of over Rs 7 lakh crore for the next fiscal 2023-24.
The budget is likely to be tabled in the state assembly in February after the UP Global Investors Summit.
The Yogi Adityanath government 2.0 in May last year had presented its maiden annual budget for 2022-23 of more than Rs 6.15 lakh crore.
The government in December had obtained the approval of the legislature for the supplementary grants of Rs 33,769 crore.
The annual budget for 2022-23 was 10 per cent higher than the annual budget of 2021-22. The budget size of 2021-22 was of Rs5.5 lakh crore and it was presented in February 2021.
The state Finance department has started the process of budget preparation and all the departments have been asked to submit the detailed proposals at the earliest. The Finance department had earlier asked the departments to submit the proposals by the end of November.
The focus of the Finance department is on the new schemes and projects to be taken up in next fiscal 2023-24. The new projects are classified as Schedule of New Demands in the state budget. The new projects and schemes will be included ensuring their efficiency, viability and their actual contribution to gross state domestic product (GSDP).
The gross state domestic product(GSDP) of Uttar Pradesh for 2022-23 (at current prices) is projected to be Rs 20.48 lakh crore, a https://exam.pscnotes.com/Growth“>Growth of 17.1 per cent over the revised estimate of GSDP for 2021-22 (Rs 17.49 lakh crore. In 2021-22, the GSDP is estimated to contract by 9.8 per cent over the previous year (at current prices) due to the novel coronavirus pandemic.
The total receipts excluding borrowings for 2022-23 was estimated to be Rs 5.02 lakh crore, and an increase of 32 per cent over the revised estimates of 2021-22 (Rs 3.81 lakh crore.In 2021-22, receipts (excluding borrowings) fell short of the budget estimate by Rs 39,609 crore (a decrease of 9 per cent).
The for 2022-23 is targeted at Rs 81,178 crore (3.96 per cent of the GSDP). In 2021-22, as per the revised estimates, the Fiscal Deficit was 4.27 per cent of the GSDP, higher than the budget estimate of 4.17 per cent of the GSDP.
Revenue surplus for 2022-23 is estimated to be Rs 43,124 crore (2.11 per cent of the GSDP).In 2021-22, the revenue surplus was estimated to be 1.26 per cent of the GSDP, higher than the budget estimate of 1.07 per cent of the GSDP.