Business Wire IndiaThe latest budget of Bihar has an outlay of Rs. 1,44,696 Crore for the financial year 2016-17 compared to Rs. 1,20,685 crore of last year. Departments of Education, Health, Energy and Road Construction got a major thrust. The state’s fiscal deficit of Rs. 16,014 crore is reasonable at 2.87% of GSDP.
- Education got the highest budgetary allocation of Rs. 21,897 crore, while energy got the second highest allocation of Rs 14,367 crore. The health department was allocated Rs. 8,234 crore.
- The state's revenue receipts are projected at Rs 1,24,590 crore in 2016-17 as compared with Rs. 1,03,189 crore in revised estimates (RE) 2015-16.
- Tax revenue is expected to increase by 15.9% (Rs 4,074 crore) in 2016-17 over the revised estimates of 2015-16. Non-tax revenue is estimated to increase by 18.2% (Rs. 362 crore).
- The 'state plan outlay' for the 2016-17 fiscal has witnessed a jump of Rs 14,364 crore to Rs 71,501 crore from Rs 57,137 crore in 2015-16.
- Grants from the centre are set to increase by 56.7%, from Rs. 12,358 crore in 2015-16, to Rs. 34,142 crore in 2016-17. The other component of transfers from the centre, which is the state’s share in central taxes, is estimated to increase by 15%, to Rs. 58,360 crore in 2016-17.
- Based on the recommendation of the 14th Finance Commission, Panchayat Raj institutions will receive funds worth Rs 3,142 crores.
- The provision proposed for roads and bridges is Rs 3,333 crore and that for building is Rs 457 crore.
- To encourage higher education and improvement employment in the state, Youths aged between 20 to 25 years would be given Rs. 1,000 per month as 'unemployment allowance' for two years for searching jobs. Similarly, students who have passed 12th, would get 'student credit card' enabling them to get education loan of upto Rs 4 lakh for pursuing higher education. Such entitlements can be difficult to manage for state governments.