Tripura Assembly: Tax-free budget worth Rs 27,804 crore tabled

Tripura Finance Minister Pranajit Singha Roy tabled a deficit budget of Rs 27,804.67 Crores for the financial year 2024-25 on Friday.

Addressing the Tripura Legislative Assembly, Finance Minister Singha Roy stated that the total budget allocation in FY 2024-25 represents an increase of 4.30 per cent over the Budget Estimate (BE) of 2023-24.

“The Capital Expenditure is projected at Rs. 6,633.80 Crore, reflecting a 23.80 per cent increase over the BE of 2023-24,” said the Finance Minister.

He emphasized that the budget is inclusive, futuristic, and growth-oriented, catering to every section of society, including women, students, youth, transgenders, Janajati, Scheduled Castes, OBCs, minorities, employees, pensioners, and the public as a whole.

“The state economy is growing at a very high rate. In 2022-23, the growth of the State Gross State Domestic Product (GSDP) was about 8.89 per cent, surpassing the national level growth of 7.20 per cent. For the current year (FY 2023-24), the State Economy is estimated to grow at about 8.37 per cent (compared to the national growth of 7.3 per cent). The GSDP growth for FY 2024-25 is projected at 8.47 per cent. State's Own Tax Revenue is projected as Rs. 3,748 Crore, and state's Own Non-Tax Revenue is projected as Rs. 475 Crore. The Capital Expenditure is projected at Rs. 6,633.80 Crore, with a 23.80 per cent increase over the BE of 2023-24,” explained the Finance Minister.

He mentioned that the budget deficit is Rs. 410.69 Crore.

“Prime Minister Narendra Modi and the state government are working for the welfare of the state by providing various benefits. This budget aims to generate employment, develop infrastructure, promote skill development, and more. We have also emphasized the agriculture sector, given its significance to the majority of the population. Additionally, funds have been allocated for education, health, and other sectors. Moreover, 39.93 per cent of the budget is earmarked specifically for the development of indigenous people,” he added.