Assam’s Annual Budget: Prioritizing infrastructure and self-employment

Assam's Finance Minister, Ajanta Neog, presented the Annual Budget for the financial year 2023-24 in the Assembly, with an outlay of Rs 1,39,755 crore. The Budget focuses on key sectors such as infrastructure, education, health, agriculture, eradication of poverty, and self-employment. The minister stated that there will be no new taxes introduced this year. The Budget estimates a receipt of Rs 139,443 crore under the consolidated fund of the state, with total expenditure estimated at Rs 139,755 crore, resulting in a budget deficit of Rs 935.23 crore.

FM Ajanta Neog expressed her gratitude to the people of Assam for having faith in the government’s efforts to take the state forward on the path of progress. She highlighted the significant growth of revenue collection due to the government’s reform initiatives in the finance sector that ensure transparency and accountability.

The Budget lays emphasis on self-employment and announced the Mukhya Mantrir Swa-Niyojan Mission, which will provide a one-time seed capital of Rs 2 lakh each to eligible beneficiaries. The mission aims to increase the total investment to Rs 5,000 crore over the next three years, and the Budget has allocated Rs 1,000 crore for this initiative.

The government also aims to provide affordable housing for the economically weaker sections through the Mukhya Mantri Awas Yojana, which will cover one lakh beneficiaries. The Budget has an allocation of Rs 800 crore for this scheme.

In the tea industry, the Budget has extended the tax holiday on agriculture income tax for the next three years. Additionally, the government will waive all arrears in electricity bills for tea worker families living along the lines, with an allocation of Rs 150 crore for this initiative. The government will recognize tea gardens and the Adivasi community as a separate sub-category within the Other Backward Classes (OBC), and around 3% of reservations into government jobs within the OBC quota will be considered for them.

The Budget also addresses social issues, such as child marriage, through a mission that will work against child marriages. The mission will focus on surveillance, strengthening institutions, introducing a helpline, and rehabilitating the victims, with an allocation of Rs 200 crore for this initiative.

The Budget has earmarked Rs 10,000 crore for projects under the North Eastern Infrastructure Development Authority (NIDA), which aims to strengthen infrastructure in transport, tourism, education, and other social sectors. The government plans to construct 14 new flyovers across the state, and establish a natural history museum in the Golaghat district to showcase the rich biodiversity of Assam, particularly Kaziranga.

The Finance Minister emphasized the government’s focus on improving tax collection and raising tax revenue through the constitution of a GST Economic Intelligence Unit, a dedicated GST audit cell at the apex office, and institutional strengthening through capacity building of officers and exposure visits to top-performing states.

The government is committed to bringing back wood-abed industries like plywood and veneer mills, agar wood, etc., to the state, and will establish the Assam Forest Development Corporation Ltd for optimal utilization of forest resources.

The Assam Annual Budget for the Financial Year 2023-24 aims to address key sectors, including infrastructure, education, health, agriculture, eradication of poverty, and self-employment, while also tackling social issues such as child marriage. The Budget focuses on improving tax collection and raising tax revenue and commits to optimal utilization of forest resources. The government’s efforts and initiatives aim to take Assam forward on the path of progress.