Punjab proposes an expansionary budget of Rs1.56 lakh crore for FY23

27 Jun 2022 , 01:00 PM

For this fiscal year 2022—2023, the state has requested a budget of Rs1.56 lakh crore, an increase of 14.2% from the prior fiscal.

According to the budget address on June 27, the Punjab administration has proposed an expansive budget with a focus on infrastructure.

For this fiscal year 2022—2023, the state has requested a budget of Rs. 1.56 lakh crore, an increase of 14.2% over the prior fiscal. The state’s effective outstanding debt to GSDP is anticipated to be 45.23%, while its fiscal deficit as a percentage of GSDP for the fiscal year is 3.78%.

The planned revenue expenditure for the state for the fiscal is Rs 1.08 lakh, up 5.35% year-on-year, while the estimated capital expenditure is Rs10,981 crore, up 8.95% year-on-year.

The estimated amount of revenue for 2022—23 is Rs95,378 crore, up 17.08% from the prior year.

The government has allocated Rs6,947 crore for the fiscal year and will continue to provide free electricity to the agricultural sector. According to the budget address, the state has allotted Rs23,498 crore for various infrastructural projects.