Bhopal, The 2024-25 budget is the biggest in Madhya Pradesh's fiscal history, Chief Minister Mohan Yadav said on Wednesday, even as the Congress accused the BJP government of failing to fulfill election promises.
The industrial sector hailed the budget for significantly increasing the allocation of funds for industrial development. However, businesses expressed disappointment that the long-standing demand to abolish the Mandi levy remained unmet.
Earlier in the day, state finance minister Jagdish Devda presented the budget for fiscal year 2024-25 with an outlay of Rs 3.65 lakh crore, making substantial allocations for infrastructure development and women initiatives and tribes and does not announce new taxes.
Responding to the budget, Yadav highlighted the absence of new taxes and assured that allocations have been increased for all departments.
He projected that the size of the budget would double in the next five years, aiming to achieve GDP growth in line with Prime Minister Narendra Modi's expectations.
The budget, based on the theme 'Developed India and Developed Madhya Pradesh', targets various segments of the society, particularly the youth, the poor, women and farmers, the Prime Minister added.
On the contrary, opposition leader Umang Singhar criticized the BJP government for "not fulfilling" its election promises.
He said the government did not make provisions for the promised MSP of Rs 2,700 for wheat and Rs 3,100 for paddy and for increasing the Ladli Behna Scheme amount from Rs 1,250 to Rs 3,000.
Singhar demanded a white paper on the last three budgets, accusing the government of avoiding discussions on alleged scams.
Pithampur Industrial Association (PAS) president Gautam Kothari welcomed the increase in funding for large industries and MSMEs, and the emphasis on infrastructure. However, he highlighted the lack of special allocations to promote rapidly growing startups in the state.
"We welcome the budget as it has significantly increased the allocation of funds for departments related to large industries as well as micro, small and medium enterprises (MSMEs). The budget has also emphasized on strengthening the infrastructure. This will accelerate the development of the state," Kothari said.
PAS represents 1,500 large and small industries in Pithampur, the state's largest industrial zone in Dhar district.
Rameshchandra Gupta, national vice-president of the Confederation of Indian Traders (CAIT), expressed disappointment over the continued imposition of the Mandi cess.
He claimed that many factories have shifted to Gujarat and Maharashtra due to this tariff, resulting in significant loss of tax revenue for the state.
"Many factories processing oilseeds and cotton have shifted to neighboring states like Gujarat and Maharashtra, as a result of which the parliamentary government suffers revenue losses every year," he added.
Ramesh Khandelwal, president of Ahilya Chamber of Commerce, praised the budget for not introducing new taxes, but echoed the sentiment about the unfulfilled hope of abolishing the Mandi cess.
Economist Jayantilal Bhandari commented that the Rs 3.65 lakh crore budget would pave the way for development. However, he expressed concern over the fiscal deficit, which is 4.11 per cent of the state's GDP, the highest in the history of Madhya Pradesh.
The industrial sector hailed the budget for significantly increasing the allocation of funds for industrial development. However, businesses expressed disappointment that the long-standing demand to abolish the Mandi levy remained unmet.
Earlier in the day, state finance minister Jagdish Devda presented the budget for fiscal year 2024-25 with an outlay of Rs 3.65 lakh crore, making substantial allocations for infrastructure development and women initiatives and tribes and does not announce new taxes.
Responding to the budget, Yadav highlighted the absence of new taxes and assured that allocations have been increased for all departments.
He projected that the size of the budget would double in the next five years, aiming to achieve GDP growth in line with Prime Minister Narendra Modi's expectations.
The budget, based on the theme 'Developed India and Developed Madhya Pradesh', targets various segments of the society, particularly the youth, the poor, women and farmers, the Prime Minister added.
On the contrary, opposition leader Umang Singhar criticized the BJP government for "not fulfilling" its election promises.
He said the government did not make provisions for the promised MSP of Rs 2,700 for wheat and Rs 3,100 for paddy and for increasing the Ladli Behna Scheme amount from Rs 1,250 to Rs 3,000.
Singhar demanded a white paper on the last three budgets, accusing the government of avoiding discussions on alleged scams.
Pithampur Industrial Association (PAS) president Gautam Kothari welcomed the increase in funding for large industries and MSMEs, and the emphasis on infrastructure. However, he highlighted the lack of special allocations to promote rapidly growing startups in the state.
"We welcome the budget as it has significantly increased the allocation of funds for departments related to large industries as well as micro, small and medium enterprises (MSMEs). The budget has also emphasized on strengthening the infrastructure. This will accelerate the development of the state," Kothari said.
PAS represents 1,500 large and small industries in Pithampur, the state's largest industrial zone in Dhar district.
Rameshchandra Gupta, national vice-president of the Confederation of Indian Traders (CAIT), expressed disappointment over the continued imposition of the Mandi cess.
He claimed that many factories have shifted to Gujarat and Maharashtra due to this tariff, resulting in significant loss of tax revenue for the state.
"Many factories processing oilseeds and cotton have shifted to neighboring states like Gujarat and Maharashtra, as a result of which the parliamentary government suffers revenue losses every year," he added.
Ramesh Khandelwal, president of Ahilya Chamber of Commerce, praised the budget for not introducing new taxes, but echoed the sentiment about the unfulfilled hope of abolishing the Mandi cess.
Economist Jayantilal Bhandari commented that the Rs 3.65 lakh crore budget would pave the way for development. However, he expressed concern over the fiscal deficit, which is 4.11 per cent of the state's GDP, the highest in the history of Madhya Pradesh.
