Punjab Budget 2023 highlights: AAP govt announces subsidies for farmers; no new tax imposed in state

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.

Team Newsable

First Published Mar 10, 2023, 4:57 PM IST

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.

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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

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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.