Arunachal Pradesh Deputy CM Chowna Mein presents Rs 758.26-cr-deficit Budget for 2023-24

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ITANAGAR: Arunachal Pradesh Deputy Chief Minister Chowna Mein on Tuesday presented a Rs 758.26 crore deficit budget for 2023-24, with special emphasis on ‘Atma-Nirbharta through fulfilling youth aspirations and creating livelihood opportunities.

Mein, who also holds the Finance, Planning and Investment portfolios, in his over two-hour long budget speech in the Assembly, said that the six pillars chosen by the State government to lay a strong foundation of a happy society, which is constructively engaged in the sustainable development of the state, are very aligned to the seven priorities of the Union Budget 2023-24.

“Our vision is to support the aspirations of our people through impetus to economic growth and provide them with ample livelihood opportunities, especially the youth,” he said.

In the budget estimates of 2023-24, the state has projected a total receipts of Rs 29,657.16 crore, which is 14 per cent higher compared to the total estimated receipts of Rs 26,111.63 crore in budget estimate of 2022-23, the finance minister said in his speech.

“For the 2023-24 fiscal, we are able to keep the fiscal deficit at an estimated two per cent of Gross State Domestic Product (GSDP) which is, Rs 758.26 crore,” Mein disclosed.

This is not only within the norms of fiscal deficit targets laid down in the Arunachal Pradesh Fiscal Responsibility and Budget Management (FRBM) Act 2006 but is lower than the fiscal deficit in budget estimate 2022-23, he added.

He said, “The GSDP was estimated at Rs 29,372 crore in budget estimate of 2022-23 and at Rs 37,870 crore in revised estimate at current prices.”

“The state’s GSDP has nearly doubled since 2015-16. We have nearly reached the Rs 39,000 crore GSDP mark. When compared to Rs 20,373 crore in 2015-16, this is a staggering rise of 86 per cent,” the Finance Minister said.

“Arunachal Pradesh has been able to maintain more than 30 per cent share of capital expenditure in total expenditure outlay, which is the highest in the country and consistently so over a five-year period,” Mein said.

He added that the per capita income of the households has increased from Rs 88,768 to Rs 1,15,902 in the last six years. This is more than 30 per cent increase in the average income of the people of the state.

Mein added that the Budget 2023-24 which is based on six pillars of the government - ‘Governance Reforms and Prudent Financial Management’, ‘Synergy and Convergence’, ‘Investment in Health Sector’, ‘Investment in Human Capital’, ‘Atma-Nirbhar Arunachal Pradesh’ and ‘Environment Protection and Climate Resilient Development’, are meant to support the aspirations of the people through impetus to economic growth and provide them with ample livelihood opportunities, especially the youth.

Fulfilling the aspirations of the youth, and livelihood generation through self-employment opportunities while continuing with our investment in infrastructure for improved connectivity will be the foundation of a prosperous and happy Arunachal Pradesh in the Amrit Kaal, Mein told reporters later.

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