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Bihar Budget Highlights Improved Credit-Deposit Ratio Of Banks In Bihar

Updated: Feb 14, 2024 05:32:10pm

Bihar Budget Highlights Improved Credit-Deposit Ratio Of Banks In Bihar

Patna, Feb 14 (KNN) Bihar's Deputy Chief Minister and Finance Minister, Samrat Chaudhary, showcased the State Budget 2024-25 amidst chaos from Opposition members at the State Assembly in Patna on Tuesday.

The budget, amounting to Rs 2.79 lakh crore, was presented as a collaborative effort between the ruling JD(U)-BJP coalition, following the recent formation of the government.

Chaudhary highlighted significant achievements of the previous financial year, including 2.5 crore individuals ascending above the poverty line and a notable growth rate of 10.64 per cent.

The budget primarily prioritises sectors such as education, rural development, social welfare, rural works, and healthcare.

Economist Sudhanshu Kumar, a key figure in budget formulation, revealed an increase in budget expenditure by Rs 16,840.32 crore, reaching Rs 2,78,725.72 crore for the fiscal year 2024-25.

Kumar emphasised Bihar's adherence to fiscal responsibility, expecting a revenue surplus and a contained fiscal deficit of 2.98 per cent of the State GDP, aligning with the FRBM Act, as speaking to The Hindu.

The Bihar Economic Survey 2023-24, tabled on February 12, indicated promising economic growth, with the Gross State Domestic Product (GSDP) projected to rise by 15.5 per cent.

Chaudhary also noted a substantial increase in the per capita income, reaching Rs 59,637 per annum at current prices, reflecting a 13.9 per cent growth from the previous fiscal year.

Additionally, the Credit-Deposit (CD) ratio of banks in Bihar improved significantly to 55.6 per cent as of March 31, 2023, compared to 53 per cent in the preceding year.

Chaudhary expressed the government's commitment to leverage internal revenue resources and secure additional financial allocations from the Union government to stimulate the state's economic engines.

Bihar's Budget 2024-25, presented amidst parliamentary disruptions, underscores the government's commitment to inclusive growth and fiscal prudence.

With a focus on key sectors and optimistic economic projections, the budget aims to propel Bihar towards sustained development and prosperity.

(KNN Bureau)


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