Haryana Finance Minister Captain Abhimanyu on 6 March 2017 presented the State annual budget for 2017-18 in the legislative assembly. In tune with the changes proposed in the Union Budget 2017-18, the Government of Haryana has dispensed with the plan and non plan classification of expenditure and presented the budget in terms of revenue and capital classification.
The total size of the budget was pegged at over Rs 1,02,329 crore for the fiscal year 2017-18, which is an increase of 13.8 per cent over revised estimates for the FY 2016-17. The proposal comprises 21.88 per cent as capital expenditure of Rs 22,393.51 crore and 78.12 per cent as revenue expenditure of Rs 79,935.84 crore.
This is for the first time that the State budget has crossed the figure of one lakh crore rupees excluding food grain procurement operations. The demonetization initiative of the Union Government had slowed economy. However, the economy is expected to rebound before the end of the 2016-17 financial year.
Captain Abhimanyu said Gross State Domestic Product is expected to rebound to 9 per cent plus growth in 2017-18 and in 2016-17 it is growing at 8.7 per cent. Rs 5000 crore rupees allocated for the development of 1500 villages under the Deen Bandhu Haryana Gram Uday Yojana. Mangal Nagar Vikas Yojana was proposed in the name of former Deputy Chief Minister Late Dr Mangal Sain to create modern infrastructure and for maintenance of existing infrastructure in urban areas.
In order to promote all government payments of more than Rs 5000 through digital mode, 5 per cent rebate will be given on bill payments and other government payments through Bhim app subject to a maximum rebate of Rs 50. No fresh taxes have been proposed in the budget. Biodiesel B100, solar devices and parts used in solar power projects have been made tax free by exempting them from VAT.