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UP Finance Minister Khanna Unveils Rs 7.36 Lakh Crore Budget for FY25

Budget for the upcoming year encompasses new schemes totaling Rs 24,863.57 crore, a notable decrease from the previous fiscal’s allocation of Rs 32,721 crore.

Uttar Pradesh Finance Minister, Suresh Kumar Khanna, unveiled the budget for the fiscal year 2024-25 in the state assembly, revealing a substantial increase to Rs 7.36 lakh crore from the previous fiscal year’s Rs 6.90 lakh crore. The budget for the upcoming year encompasses new schemes totaling Rs 24,863.57 crore, a notable decrease from the previous fiscal’s allocation of Rs 32,721 crore.

In the proposed budget, the state government anticipates total receipts of Rs 7,21,233.82 crore for the next fiscal year. This includes revenue receipts estimated at Rs 6,06,802.40 crore and capital receipts at Rs 1,14,531.42 crore.

The share of tax collection in revenue receipts is projected at Rs 4,88,902.84 crore, comprising the state’s tax revenue of Rs 2,70,086 crore and its share in the central tax pool at Rs 2,18,816.84 crore.

The total expenditure is estimated at Rs 7,36,437.71 crore, with Rs 5,32,655.33 crore allocated for the revenue account and Rs 2,03,782.38 crore for the capital account. Following the deduction of the total expenditure from the consolidated fund’s receipts, a deficit of Rs 15,103.89 crore is anticipated.

Minister Khanna announced enhancements to the Destitute Women Pension Scheme, increasing the monthly payout from Rs 500 to Rs 1,000 for eligible beneficiaries. The scheme has benefited 31,28,000 destitute women until the third quarter of 2023-2024. Additionally, the minister outlined plans under the Women Farmer Empowerment Project to offer technical support by forming 200 producer groups in the financial year 2024-2025.