The Assam Government tabled a Budget of ₹2.9 lakh crore for the fiscal year 2024-2025, featuring a deficit of ₹774.47 crore and introducing no new taxes.
Finance Minister Ajanta Neog, while presenting the annual financial statement, announced a commitment to educate 10 lakh girls up to post-graduation level, aiming to eradicate child marriage from society.
“The Budget Estimates of 2024-25 reveal a receipt of ₹1,43,605.56 crore under the Consolidated Fund of the State. After factoring in the receipt of ₹1,44,550.08 crore under Public Account and ₹2,000 crore under Contingency Fund, the aggregate Receipts amount to ₹2,90,155.65 crore,” Neog elaborated.
“In contrast, the total expenditure from the Consolidated Fund in 2024-25 is estimated at ₹1,43,890.62 crore,” Neog stated.
She added that considering the expenditure of ₹1,42,670.09 crore under the Public Account and ₹2,000 crore under the Contingency Fund, the aggregate expenditure for the year is anticipated to reach ₹2,88,560.71 crore.
Discussing the State’s economic scale, Neog projected the Gross State Domestic Product (GSDP) to rise to ₹6.43 lakh crore in the upcoming financial year, a significant increase from ₹5.7 lakh crore in 2023-24.
Inspired by Prime Minister Narendra Modi’s vision of a transformed Bharat, Assam Chief Minister Himanta Biswa Sarma hailed the budget as a catalyst for positioning Assam among the top five States in the country.
Key Takeaways from Budget 2024-25
Sustainable Growth and Employment: The budget lays out a realistic roadmap for sustainable growth while prioritising the generation of job opportunities. Assam’s economic growth has consistently outpaced the national GDP growth rate, with a noteworthy increase in per capita income since 2016.
Historical Capital Expenditure: Assam is set to achieve a new historical level of capital expenditure, surpassing Rs 20,000 crore in 2024-25 compared to Rs 16,000 crore in 2022-23. This substantial investment is directed towards various sectors including connectivity, tourism, and education.
Focus on Entrepreneurship: Emphasis is placed on strengthening entrepreneurship in the State, with additional support in the form of subsidies and grants to self-help group or SHG members for income-generating activities.
Women Empowerment: The budget continues to support women empowerment initiatives, including the expansion of Orunodoi coverage, relief to micro-credit borrowers, and financial assistance to women entrepreneurs.
Infrastructure Development: The launch of Asom Mala 2.0 and the implementation of iconic projects signify a significant push towards infrastructure development, benefiting the citizens of the state.
Green Growth Initiatives: A special focus is placed on green growth, with plans to plant 3 crore saplings, introduce electric buses, and establish over 1000 MW of renewable energy and rooftop solar plants.
Tea Garden Community Welfare: The budget prioritizes the well-being of the tea garden community through increased investment in schools, reservation in government jobs, and clearing arrear electricity dues.
Cultural Heritage Preservation: Celebrating Assam’s rich cultural heritage, initiatives such as the construction of the Maa Kamakhya Corridor, preservation of land around Satras, and support for cultural events like Bhaona and Raas Lila are highlighted.
The Assam Budget reflects a comprehensive approach towards inclusive growth, infrastructure development, and preservation of cultural identity, indicating a commitment towards the holistic development of the State.