01 March 2017 Current Affairs: Abdul Bari Siddiqui, the finance minister of Bihar, on 27 February 2017 presented the annual state budget of 2017-18 in the legislative assembly. The size of the budget for the fiscal year 2017-18 is Rs 160085 lakh crore. The state government has not introduced any fresh tax.
The budget expenditure for 2017-18 is around Rs 15389 crore more than the running 2016-17 budget estimate of Rs 144696.27 crore. While presenting the budget, Siddiqui said no fresh tax was imposed in the budget as the GST will be introduced from July 2017.Highlights of the budget :
Maximum allocation of budget has been made to Education department followed by Rural Development and Rural works department.
The budget proposes to open three universities in the fiscal year 2017-18. The three universities will be named as Purnia University, Pataliputra University and Munger University.
Bihar budget 2017-18 has an emphasis on Chief Minister Nitish Kumar's 'Saat Nischay' (seven resolves). An adequate allocation was made in respective to departments to which the seven resolves schemes are linked.
Highlights of major allocations in the 2017-18 Bihar budget
- Education: Rs 25251.39 crore
- Energy: Rs 10905.03 crore
- Health: Rs 7001.52 crore
- Road and Infrastructure: Rs 6635 crore
The budgetary allocation for education was increased by Rs 3354 crore. In the fiscal year 2016-17, the education department was allocated Rs 21897.02 crore. On the other hand, the allocation for energy was reduced by Rs 3462.81 crore. In fiscal 2016-17, the department was allocated a budget of Rs 14367.84 crore.
At the same time, the allocation in the field of health was also reduced by 1233.18 crores. In the fiscal year 2016-17, health department’s allocation was Rs 8234.70 crore.
The revenue receipts of the state were estimated at Rs 137158.41 crore in 2017-18, which is Rs 12568.17 crore more than Rs 124590.24 crore for 2016-17. Revenue receipts include state’s share in central taxes along with state’s own tax and non-tax revenue.