Himachal Pradesh Chief Minister Mr. Virbhadra Singh who also holds the portfolio of finance today presented his third budget of this tenure proposing outlay of Rupees 28,339 crore for the year 2015-16 show casing a fiscal deficit of 2.91% of GSDP.
In his five years tenure as the Chief Minister, Mr. Virbhadra Singh projected fiscal deficit of Rupees 3,285 crore, which would be gapped after relying upon heavy borrowing.
Mr. Singh said in his budget speech that out of the total outlay of Rupees 28,339 crore, about Rupees 8.285 crore to be spent on salaries, Rupees 4,041 crore on pensions, Rupees 2,950 on remittance of interest payment, Rupees 1503 crore on repayment of loan and Rupees 397 crore on other loans and Rupees 1,838 crore on maintenance.
As per the estimated budget the revenue receipts would be at tune of Rupees 23.535 crore. The total revenue expenditure is estimated to be Rupees 23,448 crore with this it would be revenue surplus budget of Rupees 47 crore (0.04 percent).
The pie charts reflects that out of Rupees 100 the state would have Rupees 83.11 as the total receipts including transfers from the central government excluding loans. Out of every Rupees 100 Rupees 26.94 would accrue from own tax revenues, Rupees 6.41 from non-tax revenues, Rupees 16.33 from share in central taxes and Rupees 5.32 from central grants.
And out of every Rupees 100, Rupees 29.23 would spent on salaries, Rupees 14.26 on pensions, Rupees 10.41 on interest payment, Rupees 5.30 on loan repayments and Rupees 40.80 on Development work.