Punjab Budget: FM Harpaal Cheema announces Rs 2,04,918 crore budget for fiscal 2024-25

Chandigarh (Punjab) [India], March 5 : State Finance Minister Harpaal Singh Cheema presented the Budget 2024-25 in the legislative assembly on Tuesday, quoting the total expenditure for the fiscal year 2024-25 at Rs 2,04,918 crore while outlining a comprehensive plan aimed at driving growth, development, and prosperity across various sectors of the state's economy.
The state government aims at addressing the key challenges while capitalizing on emerging opportunities under the leadership of Chief Minister Bhagwant Singh Mann, he said.
In his budget speech, Finance Minister Cheema highlighted Punjab's 'robust' economic performance, saying that the Gross State Domestic Product (GSDP) is projected to grow at 9 per cent to Rs 8,02,701 crore in the upcoming fiscal.
The government expects the state to maintain a steady growth trajectory, with the GSDP estimated to be Rs 7,36,423 crore in the current year, reflecting a growth rate of 9.41 per cent.
Additionally, the Effective Revenue Deficit and Fiscal Deficit are expected to improve to 2.77 per cent and 3.80 per cent, respectively, from the previous figures of 3.13 per cent and 4.12 per cent.
"In the current year, a special "Mission Unnat Kisan" has been launched to provide timely technical information to the farmers for proper cultivation of cotton. Our Government has also provided 33 per cent subsidy on cotton seed to approx. 87,000 farmers," Cheema said.
She also announced an outlay of Rs 13,784 crore for the next financial year to bolster agriculture and allied sectors, in line with the government's commitment to support farmers and rural development.
"The aim is not a literate Punjab but an educated Punjab. We don't want to foster only the ability to read and write in our children, but to instill knowledge, morality and sensibility in them. Regularization of 12,316 teachers, recruitment of 9,518 teachers, skill upgradation of Principals and Headmasters, improvement of security and safety measures in schools, installation of more than 12,000 internet connections, around 4,300 toilets in the schools repaired and timely delivery of books to our students, among others have been our hallmarks," the minister said.
Further, Rs 16,987 crore has been earmarked for the Education sector, which constitutes around 11.5 per cent of the total expenditure. This significant allocation underscores the government's emphasis on improving educational infrastructure and enhancing the quality of education in Punjab.
Rs 5,264 crore was provisioned for healthcare services in FY 2024-25, signaling the government's commitment to prioritize the health and well-being of its citizens.
A sum of Rs 272 crore was allocated for Sports and Youth Services to create and nurture world-class talent in sports from Punjab, reflecting the government's focus on promoting sports excellence.
Rs 179 crore has been allocated for the implementation of various schemes of training and skill development, underscoring the importance of enhancing employability and fostering entrepreneurship among the youth.
Minister stated, "Our MSMEs are the backbone of our state's economy. To give a boost to MSMEs and to address their challenges, our government has set 17 up a new MSME wing. This wing will work to enhance the competitiveness of our MSMEs and ensure continuous flow of credit from financial institutions for their expansion and innovation. This move is expected to benefit around 8 lakh MSMEs."
For this, Rs 3,367 crore, including subsidized power, has been allocated to support the industrial sector, demonstrating the government's efforts to boost industrial growth and create employment opportunities.
In the Food and Civil Supplies department, Rs 1,072 crore is proposed for undertaking various initiatives with a focus on ensuring food security and efficient public distribution systems.
for providing social security pension across different categories, Rs 5,925 crore has been allocated, reflecting the government's commitment to welfare measures for vulnerable sections of society.
Rs 2,695 crore has been allocated for Roads and Bridges, highlighting the government's emphasis on improving connectivity and infrastructure development in the state.
Under the Swachh Bharat Mission, Rs 1,549 crore has been earmarked for executing projects, underscoring the government's commitment to cleanliness and sanitation.
Rs 1573 crore has been allocated to cover various losses, including crop damage, loss of human lives, harm to livestock, and damage to residences, reflecting the government's proactive approach towards disaster management and relief efforts.
For the construction and repair of district administrative complexes, tehsils, sub-tehsils, and sub-divisional complexes Rs 150 crore has been utilized, emphasizing the importance of administrative infrastructure for efficient governance.
Minister Cheema stated, "The Punjab Tourism Summit and Travel Mart 2023 was held at SAS Nagar (Mohali) with the aim to showcase the untapped tourism potential of our State. Further, 22 fairs have been organized in various districts showcasing the vibrant culture and rich heritage of Punjab".
He added, "Rangla Punjab Mela in Amritsar also served as a forum promoting our 21 culture and literature. All these events symbolize the resolve of our Hon'ble Chief Minister to make Punjab a sought after tourist destination."
Rs166 crore, with a special outlay of Rs 30 crore for the construction, upkeep, and preservation of various memorials and Rs 30 crore for branding of tourism in the State, highlights the government's efforts to promote tourism and preserve cultural heritage.
To support law enforcement initiatives under the department of home affairs, justice, and jails Rs 10,635 crore has been allocated, demonstrating the government's commitment to ensuring peace and security in the state.
Rs 9,388 crore has been allocated for social welfare schemes, underscoring the government's focus on inclusive development and welfare of marginalized communities.
"Our government stands beside our SCs/ BCs/ Minority brothers and sisters and all downtrodden sections of society", said Minister.
Rs 13,844 crore has been provisioned towards the SCSP, which stands at 35 per cent of the total development Budget of the State, reflecting the government's commitment to upliftment and empowerment of Scheduled Castes.
The budget for the fiscal year 2024-25 reflects the Punjab government's vision to drive inclusive growth, foster sustainable development, and enhance the overall quality of life for its citizens.