Budget presented in digital format
Bhopal, Mar 2
Chief Minister Shri Shivraj Singh Chouhan has said that no new taxes are proposed in the budget of the state for the year 2021-22, nor the rate of any tax has been hiked. Through the budget presented in digital format for the first time, the effort is that we keep giving our best while remaining positive. In this direction, while the fiscal deficit is 4.5 percent of the state’s gross domestic product, a target has been set to bring it down to 3 percent in the next three years.
Prior presentation of union budget was helpful
Chief Minister Chouhan said that under the guidance of Prime Minister Shri Narendra Modi, it has become a tradition to present the union budget before the state’s budget. This helped the state to make its budget more practical.
15th Finance Commission increased state’s share
In the 14th Finance Commission, a memorandum was submitted by Madhya Pradesh to increase the share of 7.548 percent fixed for Madhya Pradesh in the central taxes to be distributed among the states. For the period 20020-21 to 2025-26, the share of the state has been hiked to 7.85 percent by the 15th Finance Commission. With this increase, the state is expected to receive an additional amount of about Rs. 2 thousand crores from central taxes in the year 2021-22. Capital expenditure has increased by more than 42 percent in the new financial year compared to the previous year. Necessary provisions have been made in the budget for the continuation of all the people-friendly and development-oriented schemes.