A day after proving majority in the Bihar Assembly with comfortable margin, the Nitish Kumar government on Thursday presented the revenue surplus budget expenditure of Rs. 1,20 685.32 crore for the year 2015-16 with no new or extra taxes imposed on the people of the state.
In the budget presented by the State finance minister Bijendra Yadav the Non Plan Expenditure for 2015-16 is estimated at Rs. 63,259.59 crore, which is Rs. 4028.55 crore more than last year and State Plan Outlay is estimated at Rs. 57137.62 crore, which is Rs. 254.82 crore less than Rs 57392.44 crore for the year 2014- 15. The Centrally Plan Scheme (CPS) for the financial year 2015-16, however, is estimated at Rs. 288.11 crore.
“If revenue receipt is more than revenue expenditure the surplus amount is called revenue surplus. For the year 2015-16 revenue surplus is Rs. 11980.95 crore which is 2.63 per cent of GSDP, estimated as Rs 4,55,451 crore for the year 2015-16”, said the State Finance Minister.
This revenue surplus will be used for investment in physical infrastructure generating productive capital assets like roads, buildings, power, schools, health centres, irrigation schemes etc., he added further. However, for the year 2015-16 the estimated Fiscal Deficit is Rs 13584.46 crore, which is 2.98 percent of GSDP Rs 455451 crore.
The minister further said that Bihar is one of those States which have taken its fiscal responsibility seriously and implemented the FRBM (Fiscal Responsibility and Budget Managament) Act in letter and spirit.
Meanwhile, the Opposition BJP leader Sushil Kumar Modi termed the budget as depressing for the people of the State. “Contrary to the high expectation from the new government of Nitish Kumar there is no new development plan declared in the budget. It is a depressing budget”, said Mr. Modi.