- Sat, 31 Jul, 2010, 2:38 am -

|| Jharkhand's  FM takes the safe route- presents a populist budget ||
Ranchi: Deputy CM & State’s Finance Minister Raghubar Das presented the annual budget for the fiscal year 2010-11. The FM has taken the safe route and presented a populist budget with no additional burden on the populace.

Deputy Chief Minister and Finance Minister of Jharkhand Raghuwar Das arrives to present the annual state budget in the assembly in Ranchi, the capital of Jharkhand on Friday, March 5, 2010. Picture : Mahadeo Se.

On the contrary he has announced a series of tax rebates on as much as 14 items. The tiny-tots have been shown a special consideration. After reduction of taxes on toy balloons from the Union FM Pranab Mukherjee, the State FM has reduced the VAT on ice-creams from the existing 12.5% to 4%.

The total outlay of the budget is placed at Rs.22, 297.59cr with non plan expenditure of Rs.11,993.18cr and Planned expenditure of Rs.10,304.41cr. The State Plan size has been made of Rs.8600cr, an increase of Rs.400cr from the previous budget. The maximum funds allocated to the State Plan is for the Rural Development with Rs.1000cr. Education department figures next in the list with Rs.760cr and followed by Energy Rs.750cr & Road construction with Rs.705cr.

The total receipts have been estimated at Rs.20,118.36cr showing a deficit of Rs.2179.23cr. The revenue projects a collection of Rs.9,097.07cr from State’s tax & non tax revenue. Rs.6,339.57cr has been estimated as State’s share of Central Taxes for the fiscal year 2010-11. State’s own tax revenue is projected at Rs.5,967.43cr.

The budget has allocated Rs.260cr for the Agricultural development, an increase of 62.5%. To implement the Food Security Schemes Food & Civil Supply department has been allotted Rs.500cr.Rs.995cr has been earmarked for the various welfare schemes and for the Rural Development Rs.1000cr.

The FM announced total tax exemption on Potato, Onion, Rice and wheat. VAT has been reduced to 4% from the existing 12.5% on Helmets, Motor Parts,Sweets and Namkeens. Total tax exemption was also announced for Paddy & rice bran, Sabudana, finger chips, potato chips and vermicelli produced by cottage industries, Steel boxes, rubber chappals, Mehndi and Solar batteries.

- P. Vijay Raghavan