Tax-free, deficit budget presented
Patna, Mar 01: Bihar Deputy Chief Minister Sushil Kumar Modi, who holds the finance portfolio, today (Mar 01, 2006) presented a tax-free budget in the State Assembly showing a deficit of Rs 22 crore.
He proposed to make up the deficit through fiscal discipline and rationalisation and restructuring of certain existing taxes sparing the common man from the burden of additional taxes.
In the maiden budget of the NDA government in Bihar, the finance minister identified infrastructure development, including road construction and augmentation in generation of power, healthcare and treatment, providing basic amenities to the people, promotion of industries, expansion of education facilities, rural development and generation of employment as thrust areas where allocation of funds got a boost.
In the Budget, revenue receipts had been projected at Rs 22390.80 crore against revised estimates of Rs 19115.87 crore for 2005-06. In capital receipts also an increase had been shown from Rs 5354.75 crore in revised estimate for the current year to Rs 6553.84 crore in the Budget for 2006-07.
As against total receipts of Rs 28944.64 crore envisaged in the budget, total expenditure was estimated at Rs 29220.63 crore during the year, thus showing a deficit of Rs 275.99 crore.
With another deficit of Rs 375 crore on public account, the total deficit comes to Rs 650.99 crore. The deficit would reduce to Rs 22.05 crore after adjustment of cash surplus of Rs 628.94 crore available from the account of 2005-06.