Chandigarh, Mar 10 (KNN) The Punjab government on Friday presented a Rs 1,96,462 crore Budget for 2023-24.

Tabling the state budget, finance  minister Harpal Singh Cheema said, “the state government for the year 2023-24 has increased the total budget by 26 per cent to Rs 1,96,462.”

The finance minister announced an allocation Rs 3,751 crore for the state industries. 

A sum of Rs 895 crore is being provided to various industrial units in the form of 100 per cent Electricity Duty Exemption and Rs 2,700 crore is being allocated for providing subsidized Power to the industrial units situated in the State.

The state government has proposed Rs 13,888 crore for agriculture and allied sector, up by 20 per cent from the previous year.

As per reports, the government will soon launch the new agriculture policy.

“A sum of Rs 1,000 crore has been allocated for crop diversification. A revolving fund for Basmati crop purchase has also been set up”, he said.

Bhaav Antar Bhugtan Yojana, a risk mitigation crop insurance scheme for horticulture producers has also been launched.

Finance minister Cheema also announced free power subsidy of Rs 9,331 crore for the farm sector for 2023-24.

Rs 26,295 crore budget allocation has been made for infrastructure development, which is an increase of 13 per cent over the last year.

Allocation of Rs 84 crore has been made for Defence services. Rs 15 cr allotted for setting up two new galleries of War Memorial Complex at Amritsar and Rs 3 cr being provided for maintenance of Sainik School, Kapurthala.

During his address, Cheema pointed out that the effective revenue deficit and fiscal deficit have been pegged at 3.32 per cent and 4.98 per cent of the gross state domestic product (GSDP) respectively.

A sum of Rs 74,620 crore has been proposed towards the committed expenditure, a jump of 12 per cent in comparison to FY 2022-23.

Effective capital expenditure is pegged at Rs 11,782 crore, an increase of 22 per cent according to last year.  (KNN Bureau)