"Our Growth Rate Is Higher Than National Level," Says Haryana CM After Presenting State Budget

Chandigarh (Haryana) [India] : After presenting the state budget for 2024-25, Haryana Chief Minister Manohar Lal Khattar on Friday said that Haryana's Gross State Domestic Product (GSDP) is higher than national level as the state recorded 8 per cent growth rate in comparison to the national level of 7.3 per cent.

"Compared to the last time, the Budget increased by 11.37%...The GDP at the national level is estimated to be 7.3% and our estimation (that of the state) is 8%. So, our growth rate is higher than that of the national level," Haryana Chief Minister Manohar Lal Khattar said in a press conference after presenting the State Budget in the Assembly.

Haryana's GSDP in All India Gross Domestic Product is estimated to increase from 3.5 per cent in 2014-15 to 3.7 per cent in 2023-24. Haryana's gross state domestic product is estimated to increase by 8.0 per cent in the year 2023-24.

In Haryana, per capita income is estimated to increase from Rs 1,47,382 in the year 2014-15 to Rs 3,25,759 in the year 2023-24, which is an increase of 121 per cent.

Earlier, Haryana Chief Minister Manohar Lal Khattar presented the State Budget with a total outlay of Rs 1,89,876.61 for the year 2024-25 at the Assembly in Chandigarh.

A budget of Rs 1,89,876.61 crore was proposed for the year 2024-25, which shows an increase of 11.37 percent over the revised estimates of Rs 1,70,490.84 crore for the year 2023-24. The budget includes Rs 1,34,456.36 crore as revenue outlay and Rs 55,420.25 crore as capital outlay which accounts for 70.81 per cent and 29.19 per cent of the total budget respectively.

"Over the period 2014-15 to 2023-24, the annual compound growth rate of Gross State Domestic Product at constant prices stood at 6.1 per cent. It is estimated to increase from Rs 3,70,535 crore in the year 2014-15 to Rs 6,34,027 crore in the year 2023-24, read the budget document. During the same period, an annual compound growth rate of 5.6 per cent was recorded in GDP at constant prices at the national level," the CM added.

The share of secondary sector in the total gross state value added at current prices in the year 2023-24 is estimated at 29.3 per cent. In the year 2023-24, the share of the tertiary sector in gross state value added is estimated to increase to 52.6 per cent and the share of the primary sector to 18.1 per cent.

Primary, secondary and tertiary sectors are estimated to grow by 8.6 per cent, 6.3 per cent and 13.8 per cent respectively in the year 2023-24.

"Public sector undertakings also plan to spend an amount of Rs 8,119.24 crore on creation of capital infrastructure in the year 2024-25. Overall, our outlay for this year is estimated to be Rs 63,539.49 crore," Haryana CM Manohar Lal Khattar said.

No new tax proposed has been tabled in this year's budget, added Harayana CM.

"Estimated revenue receipts is at Rs 1,16,638.90 crore, which includes tax revenue of Rs 84,551.10 crore and non-tax revenue of Rs 9,243.46 crore. The share of central tax is Rs 13,332.23 crore and central grant-in-aid is Rs 9,512.11 crore. Apart from this, capital receipt is estimated at Rs 72,722.01 crore

The fiscal deficit in the revised estimate 2023-24 is estimated to be capped at 2.80 per cent which is under the permissible limit of 3.5 per cent.

For the year 2024-25, fiscal deficit is proposed to be 2.77 per cent of Gross State Domestic Product, which is within the permissible limit of 3.5 per cent.

Speaking about the debt status of the Haryana government, CM Manohar Lal Khattar said, "The ratio of debt to gross state domestic product in the revised estimate 2023-24 was 26 per cent, which is within the prescribed limit of the norm of 33.10 per cent. The debt stock for the year 2024-25 is estimated at 26.15 per cent of Gross State Domestic Product, which is much lower than the prescribed norms of 32.80 per cent."

"The turnover of state public sector undertakings is estimated to be Rs 79,907 crore in the year 2023-24, which is an increase of 11.94 per cent from last year. During the year 2013-14, only 13 out of 43 public sector undertakings earned a profit of Rs 804 crore. The number of profit-making public sector undertakings increased to 20 during the year 2022-23, whose total profit was Rs 1767 crore. The combined debt of all public sector undertakings declined by 27.4 per cent from Rs 60,576 crore in March 2014 to Rs 43,955 crore in March 2023," said Haryana CM.