West Bengal presented Budget FY22
West Bengal government presented budget for Financial Year 2022. It was tabled by chief minister Mamata Banerjee in state assembly on July 7, 2021.
Key Points
- Budget laid emphasis on social-sector expenditure and Covid reliefs.
- Size of budget for next financial year has been kept at Rs 2,78,727 crore. It has been increased by 28.5% as compared to last year’s budget.
- Outlays for schemes such as Krishak Bandhu, students’ credit card and Lakhi Bandhu scheme (basic income for women) have been increased.
- Allocations for food & civil supplies and Covid relief have also been increased.
- Capital expenditure for FY22 is expected to above Rs 65,291 crore.
- Budget has extended motor vehicle tax and additional tax exemption up to December 31, 2021 in view of covid-19.
- 10% decrease in circle rate for registration of land and property deeds was announced up to October 30.
Revenue receipts & expenditure
Revenue receipts was estimated at Rs 1,86,661 crore while revenue expenditure was budgeted at Rs 2,13,436 crore. Fiscal deficit for FY22 is expected to be 4% of Gross State Domestic Product (GSDP) while revenue deficit at 1.77%.
What are Receipts?
Money received by government is called as receipt. It includes- money earned by the government, money received by government in the form of borrowings or repayment of loans by states.
What is expenditure?
Expenditure is divided under two heads- plan expenditure & non-plan expenditure. Plan expenditure are done in the name of planning. For example, expenditure on electricity generation, irrigation, rural developments, construction projects etc. Non-plan Expenditure are expenditures other than plan expenditure such as pensions, interest payments, statutory transfers to States & Union Territories etc.
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Month: Current Affairs - July, 2021