Uttar Pradesh is set to take a quantum leap in allocation of funds with a focus on infrastructure, employment generation and welfare schemes keeping in mind the Lok Sabha elections next year, in budget proposals for 2023-24 to be tabled in the state Assembly on Wednesday.
Some new schemes are likely to be announced in the budget, which is likely to go beyond Rs 7 lakh crore against the last year’s Rs 6.48 lakh crore, including a supplementary budget of Rs 33,769 crore, finance department sources said here on Tuesday.
However there is no proposal to announce any fresh tax in the budget.
Chief Minister Yogi Adityanath has announced that UP will be the biggest economy of the country with one trillion dollars in the next four years’ time.
This will be the second budget of the Yogi Adityanath government in its second term to be tabled by finance minister Suresh Kumar Khanna in the House would be totally paperless.
With the Opposition parties questioning the government on its claims of investment commitments to the tune of over Rs 33.50 kakh crore made during the recently held UP Global Investors Summit as well as the expenditure incurred on the event, the budget is likely to have provisions for more incentives for the industry through at least 20 revised policies in various sectors.
A major share from the budget allocations is likely to be on infrastructure development as the government has set a six-month target to turn a significant number of investment intents received during the investors summit into a reality.
Chief Minister Yogi Adityanath has already directed the officials to focus on fulfilling promises made in the ruling party’s “Sankalpa Patra” in the 2022 Assembly elections, welfare schemes are likely to be announced for farmers, women and the youth.
Since the government’s focus also remains on religious faith, infrastructure development is also likely to see fund allocations for towns and areas with a potential for spiritual tourism.
Finance Minister Suresh Kumar Khanna on Tuesday, while giving a final touch to the budget proposals, made it clear before the media persons that the government has been making concerted efforts to maintain financial discipline and to stop wastage expenditure.
“The government is giving attention to the people’s wishes and catering to all categories,” he said. When asked about the efforts to take inflation, Khanna said that along with the Central government, UP too was making all out efforts to address the issue.