Revenues see a surge in seven months

Chhattisgarh’s own revenues have seen a jump in the first seven months of the current fiscal year.

According to the Budget estimates for FY23, revenue receipts of the state are projected at ~44,500 crore, against which an amount of ~25,228 crore has been collected till October. The possibility of further rise in the state’s revenue receipts is expected. Against ~44,573 crore revenue receipts estimated from the central government, only ~21,332 crore has been received till October. “This shows that revenue receipts of the state are more than 18 per cent compared to the Centre,” Chief Minister (CM) Bhupesh Baghel said.

Chhattisgarh has posted a revenue surplus of ~898 crore during the period. It has been successful in maintaining a revenue surplus of ~4,642 crore in the last financial year. The CM said it could be achieved only because of better financial management and strict fiscal discipline.

The size of the state budget has also increased. The second supplementary budget of ~4,338 crore for FY23 was passed in the State Assembly. The main budget for the year 2022-23 is ~1.04 trillion. This includes the first and second supplementary budgets. Now, the size of the state budget has increased to ~1.11 trillion. Of the provision made in the second supplementary budget, ~3,749 crore has been earmarked for revenue expenditure and ~589 crore for capital expenditure.

The CM said income and purchasing power of farmers, labourers, and women had improved as a result of financial aid and public welfare schemes of the state government. “In the first eight months of the current financial year, we have not taken any loan from the market, whereas till November, capital expenditure of more than ~6,000 crore has been done from the resources of the state,” Baghel added.

The state has made necessary provisions in the second supplementary budget for the construction of 47 urban and rural roads and bridges. An amount of ~200 crore has been earmarked for the repair and renovation of state highways, main district roads and rural roads to be built under the public works department.

Chhattisgarh’s revenue surplus is of ~898 crore. The size of the state Budget has increased to ~1.11 trillion