CM Nayab Saini presents Haryana Budget, announces new dept, anti-drug authority
Chief Minister Nayab Singh Saini proposed Rs 2.05 lakh crore state budget for 2025-26 fiscal, 13.70 per cent up from revised estimates of 2024-25, during the ongoing session of the Haryana Assembly on Monday.
In his maiden budget address, the CM revealed that the government had received 11,000 suggestions regarding budget expectations. He said out of the 217 manifesto promises, 19 have already been fulfilled.
He also announced the establishment of a new Department of Future, which will focus on exploring future technologies and their potential benefits and utilisation.
Additionally, a new authority will be set up to tackle the spread of drugs in the state, he added. The Substance Abuse Narcotics Knowledge Awareness and Liberation Program (SANKALP) Authority was proposed with an initial allocation of Rs 10 crore.
CM Saini also proposed to set up Haryana Artificial Intelligence mission with World Bank assistance of Rs 474 crore. Under this mission, AI hubs will be set up in Gurugram and Panchkula.
The CM highlighted education and health as two crucial sectors for the state's development. In response to public demand, he announced the establishment of model Sanskriti schools every 10 kilometers. He also proposed the launch of the Kalpana Chawla scholarship to support students.
The CM also announced the establishment of a flower mandi in Gurugram and an air cargo facility for horticulture produce at Hisar airport. New cow sanctuaries will be set up in every district of the state, he added.
He said in 2014-15, Haryana's Gross Domestic Product (GDP) was Rs 4,37,145 crore, while the projected GDP for 2024-25 is Rs 12,13,951 crore. Similarly, Haryana's Per Capita Income in 2014-15 was Rs 1,47,382, and it is estimated to reach Rs 3,53,182 crore in 2024-25.
The state's GDP has grown at an average annual rate of 10.8%, while the Per Capita Income has increased at an average annual rate of 9.1%.
In 2014-15, Haryana's revenue deficit was 1.90% of the state's GDP. By 2024-25, the revenue deficit is projected to reduce to 1.47% of GDP. Additionally, as a percentage of the total budget, the revenue deficit is expected to decrease from 13.4% in 2014-15 to 9.9% in 2024-25.
“Clearly, from both perspectives, our revenue deficit has been significantly reduced over the past 10 years,” said the CM.
In 2014-15, Haryana’s fiscal deficit was 2.88% of the state's GDP. By 2024-25, the fiscal deficit is expected to decrease to 2.68% of GDP.
As per the Fiscal Responsibility and Budget Management (FRBM) Act, no state government’s fiscal deficit should exceed 3% of the GDP in any given year. The reduction from 2.88% in 2014-15 to 2.68% in 2024-25 demonstrates efficient financial management, CM Saini stated.
Looking ahead to 2025-26, the government aims to further reduce the fiscal deficit, targeting a decrease to 2.67% of the state's GDP.
The CM stated that it is a universally accepted economic principle that the government should not borrow for revenue expenditure. However, he emphasised that borrowing for capital expenditure, within reasonable limits, is acceptable and should, in fact, be encouraged.
