New schemes, Ayodhya focus of Rs 5.12-lakh cr UP budget

New schemes, Ayodhya focus of Rs 5.12-lakh cr UP's 'tax-free' budget

Uttar Pradesh Finance Minister Suresh Khanna presents the State Budget 2020-21 in the UP Legislative Assembly, in Lucknow, Tuesday, Feb18, 2020. Uttar Pradesh Chief Minister Yogi Adityanath is also seen. PTI

Uttar Pradesh government on Tuesday presented a tax-free Rs. 5.12 lakh crore budget for the forthcoming financial year in the state assembly.

The budget, which was presented by finance minister Suresh Khanna, proposed new developmental projects worth around Rs 11,000 crore.

Khanna also announced to set up six new universities, including a police forensic university and an ayush university. Besides the budget also allocated Rs 500 core for construction of an airport in Ayodhya. A further allocation of rs. 85 crore was also made for developing tourism infrastructure in Ayodhya.

The budget proposed Rs 200 crore for renovation of the famous Kashi Vishwatnath Temple in Varanasi. Financial allocations were also made for the eastern and Bundelkhand regions.

UP chief minister Yogi Adityanath hailed the budget and said that it would help fulfill prime minister Narendra Modi's target to make India a five trillion economy in the near future.

''The government has taken care of the needs and aspirations of people from all sections of the society without any discrimination,'' Adityanath told reporters here.

The opposition parties, however, slammed the budget and said that it lacked direction and that it had nothing for the common people.

''There is nothing in the budget for the common has neglected the farmers and the poor,'' Samajwadi Party (SP) president Akhilesh Yadav said.

BSP supremo Mayawati also criticised the budget and said that it would fail to alleviate the sufferings of the poor and backward communities in the state.

As per the budget estimate for 2020-21, total receipts of Rs 5,00,558.53 crore are estimated.

This includes Rs 4,22,567.83 crore by way of revenue and Rs 77,990.70 crore by way of capital receipts.

Revenue receipts include Rs 3,18,884.17 crore by way of tax revenue share, which includes Rs 1,66,021 crore by way of the state's own tax revenue and Rs 1,52,863.17 crore by way of the state's share in the central taxes.

Total state expenditure is estimated at Rs 5,12,860.72 crore, which includes Rs 3,95,116.95 crore by way of revenue expenditure and Rs 1,17,743.77 crore by way of capital expenditure.

After deducting total expenditure from the receipts of consolidated fund, a deficit of Rs 12,302.19 crore is estimated.

Net receipts of Rs 8,500 crore are estimated from public account.

Fiscal deficit of Rs 53,195.46 crore is estimated in the financial year 2020-21, which is 2.97 per cent of the Gross State Domestic Product estimated for this fiscal.

A revenue saving of Rs 27,450.88 crore is estimated in the year 2020-21.

The state's debt liability is estimated to be 28.8 per cent of the state's Gross Domestic Product.

With PTI inputs