Punjab Budget 2023-24: Highlights and hidden Gems

Updated: 9/20/2024
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Last Updated: Sept 2023

Economic[1]

  • An increase of 9.24% in State GPD over the previous year
  • Budget Expenditure of ₹1,96,462 crore for FY 2023-24 which reflects 26% growth
  • Effective Revenue Deficit and Fiscal Deficit have been pegged at 3.32% & 4.98% respectively
  • Massive Jump in Revenue last year
    • State GST up 23%
    • State Excise up 45%
    • Stamps and Registration increased by 19%
    • Non-Tax Revenue by 26%

Education[1:1]

Health[1:2]

  • ₹4,781 crore for Health and Family Welfare in FY 2023-24
  • Two new Medical Colleges of 100 MBBS seats each at Kapurthala and Hoshiarpur
  • State Cancer Institute for cancer patients at Government Medical College, Amritsar at a cost of ₹119 crore
  • Cancer Care Center at Fazilka at a cost of ₹46 crore
  • Punjab State Institute of Liver and Biliary Science to be started this year -> SuperSpecialityHospitals
  • More AAM AADMI CLINICS, 504 already working ->
    mohalla-clinics
  • MATERNAL & CHILD HEALTH (MCH) Hospitals: 7 new & 5 to be upgraded
  • AYUSH: Two 50 Bedded Integrated AYUSH Hospitals are being constructed at Dayalpur Sodhian, Mohali & Duneke (Moga).

Secondary level Health Facilities[1:3]

Special project for upgrading village, town & district Hospitals in the State

Punjab Sikhya-te-Sehat Fund Trust[1:4]

NRIs & High income individuals can fund their homeland's Education & Heath infrastructure via this trust

  • Already registered
  • Necessary approvals being taken from Government of India
  • Expected to be action in FY2023-24
  • Huge response expected

POWER[1:5]

Agriculture[1:6]

  • Free power to farmers continue -> Full day Electricity For Farmers
  • More Sarkar- Kisan Milni to be organised for feedback from farmers
  • MILKFED(Verka) to double production, ₹10,000 crore by FY 2026-27

MARKFED(Agri Processing by Govt agency)[1:7]

  • New godowns at 13 locations with the total capacity of 1.75 lac MT
  • Crude Palm oil processing: New 110 Ton Per Day (TPD) physical refinery in 2023-24
  • 100 TPD Vanaspati plant at Khanna
  • Two new Oil Mills at Budhlada and Gidderbaha for processing of Mustard crop

Sugarcane[1:8]

  • ₹380 per quintal, highest price in country (Govt of India gives ₹305)
  • All previous years' accomulated payments cleared for farmers
  • SUGARFED to be strengthened further with 250 crores
  • Setting up of new sugar complexes at Batala and Gurdaspur for efficient processing

Work Done

Crop DIVERSIFICATION[1:9]

  • Cotton Crop: 33% subsidy, track & trace mechanism for quality seeds -> Cotton Crop Punjab
  • Basmati: 1000 Crore fund to ensure better market price by intervention by Govt for Basmati procurement -> Basmati Promotion By Punjab Govt
  • Moong Dal: ₹125 crore for MSP & Direct Seeding of Rice incentive, same was done for last year -> Moong Msp Punjab
  • Govt to engage 2,574 Kisan Mitras at village level for farmer knowledge and guidance at their door step -> Kisan Mitra Punjab

First CROP INSURANCE Scheme in Punjab[1:10]

  • To ensure timely compensation for unpredictable weather or a disease leading to crop failure
  • To be launched this year soon, first time in Punjab

First Agriculture Policy of Punjab[1:11]

  • Committee formed, brainstorming going on
  • To be launched on June 30

Checking STUBBLE BURNING[1:12]

  • Incidents were reduced by approx. 30%
  • Stubble as mandatory 20% fuel for approximately 2,500 brick kilns operating in Punjab
  • More Stubble to Bio gas plants
  • 350 crores for in-situ machines

Stubble Burning Solutions By Punjab Govt

HORTICULTURE (Fruits, Vegetables, Flowers etc)[1:13]

  • Budget Doubled to ₹253 crore

Image

  • Changes in Punjab Fruit Nursery Act to legally ensure supply of disease-free certified horticulture planting material as Farmers are facing losses due to faulty material from nurseries
  • Punjab first State for certification & traceability for tissue culture potato plants
  • 5 new Horticulture Estates for promotion in the districts of Ludhiana, Gurdaspur, Patiala, Bathinda, and Faridkot
  • Bhaav Antar Bhugtan Yojna to ensure right price for producer against market fluctuation

Cluster development Implementation: Horticulture PHASE project for cluster development

More flights & Made in Punjab exports[1:14]

  1. Agreements signed for
  • Expansion of Cargo facilities at Mohali Airport
  • New perishable Cargo (Export of Verka, Markfed, Agriculture produce etc) at Amritsar Airport

i.e. Additional business for airlines   →   Cheap Flights  →   More flights

2. Plan for 2nd Phase of terminal building of the Mohali Airport is under active consideration

i.e. more facilities for passengers & more capacity to handle traffic

Door Step Delivery of Services[1:15]

Program under “Sarkar Tuhade Dwaar” to delivery of citizen centric services at doorstep ->

State Data Policy[1:16]

It is being operationalized to enable building of platforms which can allow greater interoperability of data available with departments

i.e. better citizen centric services and less fake beneficiaries

New Sports Policy of Punjab[1:17]

Tourism[1:18]

  • War Memorial Complex at Amritsar
    • 2 new galleries and up-gradation
    • 15 crore budget allocated
  • Anglo-Sikh War circuit to be developed to boost historical-military tourism
  • State level annual different fair and festivals to be held across different part of Punjab: Implementation → Festivals for Tourism Boost

REFERENCES:

  1. https://finance.punjab.gov.in/uploads/10Mar2023/Budget_Speech_English.pdf (Punjab Budget 2023-24) ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

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