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.
- 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.
Month: Current Affairs - July, 2021
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