(Repeating, adding dropped matter in para one)

Mumbai, Mar 21 (UNI) Maharashtra Finance Minister Jayant Patil today presented a Rs 305.85 crore revenue surplus budget for the year 2006-07, imposing taxes with an expected yield of Rs 500 crore and an annual plan size fixed at Rs 14,829 crore, laying emphasis on basic infrastructure, agriculture and urban development.

Presenting his seventh consecutive budget in the Legislative Assembly, Mr Patil said the revenue surplus would have been higher but for the increased provision for power subsidy and treating interest of Rs 1,091 crore on off-budget borrowings and Rs 400 crore grant under the Mumbai Urban Transport project as revenue expenditure instead of capital expenditure in accordance with the best accounting practices as per Maharashtra Fiscal Responsibility and Budgetary management Act.

He said for the first time in 2005-06, the budget estimates projected a revenue surplus of Rs 265 crore. However, due to unforeseen factors during the year, such as unprecendented floods, package for farmers required to relieve distress conditions and increased subsidy burden on power, the year 2005-06 is estimated to have revenue deficit of Rs 1,419 crore.

''This nevertheless is a major improvement on a revenue deficit of Rs 10,033 crore in the year 2004-05'', he said.

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