With assembly elections in the state slated later this year, the Madhya Pradesh government on Friday announced various sops for farmers including a Rs.1,700 crore power subsidy and R500 crore for providing interest free loan, in a R5,214 surplus budget for 2013-14.
Presenting the budgetary proposals, state finance minister Raghavji also announced R150 per quintal above MSP as bonus on wheat for growers besides reducing the entry tax on domestic LPG. The state budget proposes an expenditure of R 91,946 crore for the next fiscal.
While total revenue receipts for 2013-14 are estimated at R79,603.47 crore, the revenue expenditure is estimated at R74,388.64 crore in 2013-14, over R10,845.14 crore more than during 2012-13. This would result in a revenue surplus of R 5214.83 crore, he said. The fiscal deficit for 2013-14 is estimated at R12,218.53 crore, which will be 2.98% of the GSDP (Gross State Domestic Product), the Minister said in his budget speech, for the 10th year in succession. Among other proposals, the minister gave relief to consumers by reducing entry tax on domestic LPG from 6.47% to 2%.
The total Budget expenditure would registered in a four-fold increase from 2003-04, when it stood at R21,647 crore, with a revenue surplus of R5214.83 crore projected for 2013-14.