Uttarakhand Unveils Ambitious Rs 89.23 Thousand Crore Budget for 2024–25

In a significant move towards advancing the state’s development, Uttarakhand Finance Minister Premchand Aggarwal presented the budget for the fiscal year 2024–25 in the assembly, with Chief Minister Pushkar Singh Dhami in attendance. The budget, totaling Rs 89.23 thousand crore, reflects the state’s commitment to “pioneering Uttarakhand” through a holistic approach encompassing economy, ecology, technology, innovation, and accountability.

Emphasis on Pioneering Uttarakhand

Finance Minister Aggarwal highlighted that the budget is dedicated to transparency, efficiency, and enhancing the overall quality of life for citizens. The core concept of “pioneering Uttarakhand” revolves around inclusive development, blending tradition, technology, modern infrastructure, and nature. The government aims to create opportunities for improvement across various sectors, bridging gaps between urban and rural areas, different age groups, and diverse occupations.

Infrastructure Development Takes Center Stage

A major focus of the budget is on infrastructure development to meet present and future demands, aligning with Uttarakhand’s aspirations for prosperity and advancement. Minister Aggarwal affirmed, “Our destination is a strong Uttarakhand, and ‘Leading Uttarakhand’ is the absolute resolution of our government.”

Financial Breakdown for 2024–25

For the fiscal year 2024–25, the total receipts are projected at Rs 88,597.11 crore, composed of capital receipts of Rs 28,044.21 crore and revenue receipts of Rs 60,552.90 crore. Tax revenue, including the state’s share of central taxes, is estimated at Rs 36,146.47 crore. The state anticipates revenue from its sources to be Rs 27,382.70 crore, with non-tax revenue estimated at Rs 4,873.38 crore.

Allocation and Expenditure

Minister Aggarwal detailed the budgetary allocations, with Rs 19,136.53 crore earmarked for loan repayment, including advances. State worker salary allowances account for approximately Rs 17,184.89 crore, while pension and other retirement benefits are allotted Rs 1,305.71 crore. Other projected costs sum up to Rs 8,145.50 crore.

The total budget estimates for 2024–25 amount to Rs 89,230.07 crore, with Rs 55,815.77 crore for the revenue account and Rs 33,414.30 crore for the capital account. Minister Aggarwal emphasized the absence of a revenue deficit, projecting a revenue surplus of Rs 4,737.13 crore and a fiscal surplus of Rs 9,416.43 crore. The deficit is estimated at 2.38 percent of the gross state domestic product, aligning with the Fiscal Responsibility and Budget Management (FRBM) Act.

Strong Fiscal Position

The budget highlights a positive opening balance of Rs 6.16 crore for the fiscal year 2024–25, with an expected year-end balance of Rs 73.20 crore positive. This reflects the government’s commitment to maintaining a robust fiscal position in line with regulatory guidelines.

Conclusion

In conclusion, the Uttarakhand budget for 2024–25 underscores a comprehensive vision for the state’s development. The emphasis on “pioneering Uttarakhand” through inclusive growth and infrastructure development positions the state for a prosperous future. With a strong fiscal foundation and adherence to regulatory norms, Uttarakhand aims to lead the way in sustainable and equitable progress.