Gujarat Budget 2023-24 Proposed For ₹3.01 Trillion, New Taxes Envisaged!

On Friday, the BJP-controlled Gujarat government unveiled a budget of ₹3.01 trillion that contained no additional taxes. On the 2nd day of the budget speech, Kanubhai Desai, the finance minister, presented the 2023–24 budget to the parliament.

This would be the first budget presented by the new Bharatiya Janata Party (BJP) administration, which was led by Chief Minister Bhupendra Patel and into power in December of the previous year following the saffron party’s resounding victory in the Assembly elections.

According to Desai, the budgetary expenditure of ₹3,01,021.61 crore for Gujarat Budget 2023–24 is a “substantial increase” of ₹57,077 crore, or 23.38 percent, compared to the last fiscal year. A total of ₹3.01 lakh crore would be invested, of which ₹1.91 lakh crore will be used for “infrastructure spending” and ₹1.04 lakh crore for “non-developmental spending”.

Pradhan Mantri Jan Arogya-MA (PMJAY-MA) scheme’s insurance coverage was increased from ₹5 lakh to ₹10 lakh, and the Ujjwala scheme’s recipients were given two free gas cylinders per year, among several other programs and initiatives that were component of the commitments made by the BJP in its election manifesto.

Gujarat Government Forecasts

The forecasts for the fiscal year 2023–24 show a gain of ₹916.87 crores when the accounts receivable, capital account, and adjusted net account are taken into account, according to Minister Desai.

In the following five years, the administration wants to raise the state’s Gross State Domestic Product (GSDP) by a total of Rs 42 lakh crore, he said. According to him, the budget does not include any new tax proposals. For another five years, the state legislature would invest over Rs 5 lakh crore in the construction of infrastructural development.

Other significant declarations include the allocation of ₹100 crore for the advancement of a Bulk Drug Park in Jambusar, ₹800 crore for the requirement of water supply to the Saurashtra region, ₹605 crore for the building of roads able to connect tourism destinations circuits, and ₹500 crore for the free distribution of two cooking gas canisters to 39 lakh households each year as part of the Ujjwala Yojna.

The Gujarat government allocates ₹50 crore to provide bright students who’ve already finished their RTE program coursework up to the eighth standard with school vouchers worth ₹20,000 per year to assist pupils from low-income homes. With this aid, they can pursue education in educational institutions after the 8th standard.