Punjab Budget 2023 highlights: AAP govt announces subsidies for farmers; no new tax imposed in state
Synopsis
In his budget speech, Cheema said that this year's budget focuses on farmers and the agricultural sector. This is the first full budget of the Aam Aadmi Party (AAP) government which came to power in Punjab last year with a thumping majority.
The Punjab government on Friday (March 10) presented the state Budget worth Rs 1,96,462 crore for the financial year 2023-24. Punjab Finance Minister Harpal Singh Cheema said the effective capital budget expenditure increased by 22 percent over the last year.
In his budget speech, Cheema said that this year's budget focuses on farmers and the agricultural sector. This is the first full budget of the Aam Aadmi Party (AAP) government which came to power in Punjab last year with a thumping majority.
Here are key announcements from Punjab Budget 2023-34:
Rs 13,888 crore announced for agriculture and farmers welfare
State government to initiate Fasal Bima Yojana (crop insurance scheme).
AAP govt allocates Rs 350 crore for management of stubble
Rs 253 crore allocated for horticulture sector
Rs 2,574 Kisan Mitras to be deployed in each village to provide extension services and spread information and knowledge at the farmers' doorstep.
Rs 125 crore allotted for direct sowing of sorghum (cereal) and purchase of coral at minimum support price
Rs 1,000 crore allocated for market intervention by government for procurement of basmati. 33 percent subsidy proposed on cotton seeds.
Rs 199 crore proposed for the maintenance of schools
Rs 17,072 crore proposed for school and higher education and Rs 200 crore proposed for upgradation of the schools into Schools of Eminence.
Rs 615 crore proposed for improving technical education institutes
Rs 990 crore proposed for providing assistance to various state universities
Rs 200 crore proposed for upgradation of Schools of Eminence
No new tax imposed in Punjab
Rs 9,331 crore allotted for free power in Punjab. Rs 7,780 crore allocated for providing power subsidy to the domestic consumers.
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