With an eye on 2017 Assembly poll, Uttar Pradesh Chief Minister Akhilesh Yadav today presented a Rs 3,46,935-crore budget for 2016-17, reeling off a string of populist measures.
The budget, Yadav’s fifth, shows an increase of 14.6 per cent over the last year’s allocation.
A sum of Rs 13,842 crore has been earmarked for new schemes, with focus on agriculture, health and education.
Describing the budget as “balanced and development oriented”, Yadav told reporters that the SP government has been successful in fulfilling its promises through various welfare schemes and earlier budgets.
He also said that while infrastructure has improved, the challenge is to provide relief to farmers and employment to the youth.
However, the Opposition termed the budget as “disappointing, anti-farmer and anti-people”.
The budget estimates total expenditure at Rs 3,46,934.8 crore and receipts at Rs 3,40,120.6 crore. The fiscal deficit has been estimated at Rs 49,960.9 crore, 4.04 per cent of the state’s GDP.
This includes bonds of Rs 13,303 crore issued under the financial reorganisation scheme of ‘Uday’ for power companies.
Excluding this, the fiscal deficit is pegged at Rs 36,657.9 crore, which is 2.97 per cent of the state GDP.