Yogi government for the second time / 57 thousand crores is needed in the budget for the 'fund' of election promises, management is a big challenge

Zoom News : Mar 20, 2022, 10:05 AM

Who will become the new finance minister in the second innings of the Yogi government is not yet decided, but the finance department, which is preparing for the first budget of the new government, has started working on the action plan of BJP's 'Lok Kalyan Sankalp Patra'. As soon as the government is formed, preparations related to the new budget will have to accelerate, whose paper work is going on at a fast pace. It is being told that in the election promises made by the BJP to come back to power, only for those programs and schemes to be started by making funds, a budget of more than Rs 57,000 crore is required. The increase in the size and type of schemes already released and the budgetary burden on many new schemes will be different from this.

The new government in the state has to present the general budget for the financial year 2022-23. An official of the government says that the ruling party has increased the assistance of the already released Chief Minister Kanya Sumangala Yojana from Rs 15 thousand to 25 thousand, increasing the financial assistance in the mass marriage grant scheme to 1 lakh, to the beneficiaries of PM Ujjwala scheme two times in a year. All the announcements involving huge budget expenditure like giving free LPG cylinders, free travel in public transport to women above 60 years of age, free scooty to college going girl students and 2 crore tablets or smartphones under Swami Vivekananda Yuva Sashaktikaran Yojana are of.

Apart from this, free electricity has been announced to the farmers, for which Rs 2200 crore will be required annually. The budget will have to be arranged according to the need for the expenditure on these schemes. But all the announcements are such that funds have to be created for its implementation. It has been said to make this fund from 500 crores to 25 thousand crores. The one-time requirement of more than Rs 57,000 crore in the budget for major announcements will be there.

In fact, only after arranging the necessary funds for the fund in the budget, the implementation of the schemes related to it will be possible for a further five years. In the last tenure also, there was a promise to create many such funds. But first it was not possible due to the huge financial burden of farmer loan waiver and then the deteriorating economy due to the spread of Kovid epidemic. In such a situation, everyone's eyes are on how much fund gets space with how much money in the new budget. The priority of funds and new schemes will be given by the Finance Minister of the new government and the cabinet of the state.

Budget management big challenge for old as well as new schemes and funds

The previous government is again assuming power. In such a situation, all the important infrastructure projects and old schemes started earlier including Expressway, Metro, Defense Corridor have to continue. Second, the economy has not fully recovered from the pressure of the COVID pandemic. Even now there is ups and downs in GST collection. Compensation from the Center for shortfall in GST collection is also going to stop from this June. The Vote on Account for the financial year 2022-23 was Rs 5,45,370.69 crore. The size of the upcoming full budget is expected to cross the Rs 6 lakh crore mark. In such a situation, hands will be very much tied for new schemes and funds related to election promises along with the schemes and projects already released. Experts say that instead of setting the budget for all the funds together, the option of formation may have to be tried in the coming budget in a phased manner by setting priority.

Promise to implement these schemes by creating funds in the resolution letter