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INDIA

Gujarat Declares Rs 3.01 Trillion budget; Taxes Remain Unchanged

Finance Minister Kanubhai Desai imposed no new tax today and left the existing rate unchanged.

On Friday, the Gujarat government announced a budgetary expenditure of Rs 3.01 trillion for FY24 in the state assembly. All subdivisions, except one, increased by 23.38% in fiscal allocation related to the earlier budget.


The distribution to agriculture saw a three-times increase to Rs 21,605 crore this year from Rs 7,737 crore a year before. The energy and petrochemicals department is the only one to receive a condensed allocation of Rs 8,738 crore this year, which is about half of the Rs 15,568 crore it expected last year.


Gujarat finance minister Kanubhai Desai completed the leading allocation to the education sector at Rs 43,651 crore. The health department was owed Rs 15,182 crore, and Rs 18,000 crore was set apart for Ahmedabad Metro Phase-II under the urban development and housing department.


No new taxes were imposed, with the state government selecting to keep the current tax rates unaffected. Presenting his second budget, Kanubhai stated amendment law to be brought for IT and interpretation in electricity duty management. The estimates for the financial year 2023-24 show an excess of Rs 916.87 crore.


Highlights of the budget include green growth plan spending of up to Rs 2 trillion. In addition, tourism is prioritised with a Rs 10,000 crore expense for heritage and eco-tourism development, plus setting up a new airport at Dwarka and restoring the Keshod Airport. He also announced setting up attire, ceramic, and bulk drug parks to boost the industry and give thriving infra support.


Other key announcements include rising renewable energy influence to 42% in Gujarat’s total power generation. A Rs 4,200 crore World Bank loan will be applied for new schemes for healthcare structure. Further, 85 lakh beneficiary folks covered under PMJAYMa Yojana will get Rs 10 lakh free medical care.


The Gujarat government proposed to employ Rs 2 trillion in the next five years to benefit poor people. For school children, 50,000 new schoolrooms will come and 20,000 new computer workrooms in schools across the state.

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