FRBM compliance: Tripura on fiscal stability path with inclusive, growth oriented State Budget 2024-25: CM
The financial situation prevailing in Tripura is well-poised regarding financial discipline, stability and growth. The Budget 2024-25 proposals also bolster the inclusive growth of the State with significant allocations in the primary sectors.
The proposals contain innovative ideas making the Budget 2024-25 a ‘transforming’ one, said Chief Minister Dr Manik Saha in the State Assembly on Tuesday.
Justifying the financial stability and discipline of the State, Dr Saha referred to Fiscal Responsibility & Budget Management (FRBM) for successive years.
He said the fiscal deficit target as % of GSDP in 2021-22 was (-) 4.50% while it was (-) 4.00% in 2022-23 and (-) 3.50% in 2023-24 (RE). The Chief Minister pointed out the Fiscal Deficit Achievement as % of the GSDP in 2021-22 was (+) 0.94%, (-) 1.60% in 2022-23 and (-)3.17% in 2023-24 (RE).
Meantime, the GSDP witnessed growth in successive years. In 2021-22, the GSDP of Tripura was Rs 62550.44 crore. It increased to Rs 72635.62 crore in 2022-23 with a further rise to Rs 84126.65 crore in 2023-24 (RE).
Apart from the FRBM compliance, the State Budget focused on primary and core sectors for the State like Agriculture and allied sectors, Education and Heath, etc., he said and added, the budget allocations are inclusive and growth-oriented as it stressed women's empowerment and development of youth – belonging to all sections including SC/ST/OBC and transgender etc.
Notably, the State Budget 2024-25 proposed Rs 5508.63 crore for the Education sector which is 19.81% of the total budget.
Besides, Rs 1726.23 crore (6.21%) for Health and Family Welfare and Rs 1721.94 crore (6.19%) for the Agriculture and allied sectors were proposed in the Budget 2024-25.
Dr Saha congratulated Finance Minister Pranajit Singha Roy for the Budget proposals especially, allocating funds for the construction/renovation of a 30 km road in every Assembly constituency, land bank, and ‘Pink toilet’.
He termed the Budget as a ‘transforming’ one owing to multiple innovative ideas that would improve society.
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