Raipur: The Chief Minister and Finance Minister Bhupesh Baghel presented the budget estimates of first supplementary budget worth Rs 4341.52 cr for FY 2019-20 in Vidhan Sabha here on Friday and it was passed with voice vote.
In this year’s main budget, there was total provision of Rs 95,899 crore and with inclusion of this first supplementary budget the size has increased to Rs. 1 lakh 241 crore. State revenue surplus by Rs 677 cr Chief Minister Bhupesh Baghel said that the members of the House have expressed concern over the increasing loan being taken by the state government and added that it is through statistics that he would like to sort out all the confusion and concern raised by the Opposition.
CM said that in the loan taken by the state government, it has been utilised for payment of bonus to the farmers. Through this amount the short-term loan of farmers too was waived off. But the State’s financial resources were utilised with complete restraints and expertise and it is for this reason that the state government succeeded in saving revenue for new expenditure into new schemes. CM Baghel said that recently the accounts of last year has been received from CAG of Chhattisgarh and as per their statistics as on March 2019, the state is having a revenue surplus of Rs 677 crore.
It is fulfilling the basis of standard for the revenue surplus, the state government is eligible to get additional loan upto Rs 1,650 crore. CM said that due to the first Supplementary budget proposal, the increase in the state treasury would be fulfilled by introducing increase in state’s revenue generation and cutting down unwanted expenditures under different heads. CM assertively said that neither the government’s reserves are empty nor there is any chance of financial crisis.
CM on this occasion also presented the statistics of first quarters of FY 2019-20 along with revenue surplus of FY as on March 2019. He said that this year from April to June, due to shortfall in the central grants, the state received an income of Rs 16, 346 crore from all its resources, whereas in the same period last year, the revenue generated was Rs 14,754 crore. This year by including the revenue receipts to state government with the opening balance, payments worth Rs 19,801 crore has been made from the state’s treasury from April to June 2019. For the same period last year, a total payment worth Rs 16,346 crore was made.
CM said that neither the government’s funds have exhausted, nor there is any situation of financial crisis. Last on 17 Dec 2018, when the Congress government came to power and it was on 8 March 2019 the budget session concluded and after this it was only in the monsoon session of the assembly that they got the chance to present entire details of last six months of profit and expenditure, apart from presenting the first supplementary budget.
RBI financial report based upon study of State’s budget CM Bhupesh Baghel informed that as per report presented by RBI on August 2018, 17.9% of the state’s total GSDP was spent on development oriented works, whereas the average of other state’s development oriented work is just 11.9%. In this way in social sector also, 11.5% of the state’s GSDP was spent, whereas in other states it is just 7.8%. The state’s total loan burden is 17.4% of the GSDP and the same in other states is 24.3%. So this loan burden is the lowest in entire nation. The payment of interest on the loan is 1.1% of the total GSDP and which in other states is 1.7%. Prior to this the Finance Minister and CM Bhupesh Baghel tabled the performance budget of Chhattisgarh for 2018-19 and review of last quarter of income and expenditure receipts for 2018-19.