Bihar's Finance Minister, Vijay Kumar Choudhary, presented the Budget for the financial year 2023-2024 in the state assembly today. This is the first Budget of the second grand alliance government after Bihar Chief Minister Nitish Kumar broke ties with BJP in August last year. The focus of the Budget is likely to be on employment, health, and agriculture, as these are some of the key agendas that Bihar residents are expecting to be addressed.
According to the economic survey, Bihar's total expenditure was Rs 1.93 lakh crore in 2021-22, with revenue expenditure accounting for 82.4 percent of it. The state's economy posted a strong recovery in 2021-22, with the Gross State Domestic Product (GSDP) growing at 10.98 percent, which is among the fastest-growing in the country. Livestock and fishing & aquaculture have been the two most important contributors to the growth of GSDP, registering growth rates of 9.5 percent and 6.7 percent, respectively.
Choudhary also mentioned that the state government continued to focus on increased capital expenditure, which rose by 29.4 percent over the previous year to Rs 33,903 crore in 2021-22. This suggests that the state is investing in infrastructure development, which could contribute to the growth of the economy in the long run.
Bihar is one of the fastest-growing states in the country, with a growth rate of 10.98 percent in 2021-22, which is third among the top five fastest-growing states after Andhra Pradesh (11.4 percent) and Rajasthan (11.04 percent). This is a positive sign for the state's economy, and the government could use this momentum to further accelerate growth and development.
The Budget is expected to address some of the key issues faced by the state, such as unemployment, farmers, fertilizers, the salary of government employees, and the pension of women and elderly persons. These issues are crucial for the well-being of the people of Bihar, and the Budget could provide some much-needed relief and support.
