Maharashtra presents Rs 3.45 billion deficit budget
Maharashtra Finance Minister Jayant Patil on Friday presented a Rs 3.45 billion deficit Budget for the fiscal 2002-03 even as it intends to mop up Rs 11.30 billion of additional revenue through various measures including increase in the tax on petrol and diesel by Re 1.
The revenue receipts for the year 2002-03 are estimated at Rs 346.20 billion while the revenue expenditure is estimated at Rs 401.52 billion, resulting in a revenue deficit of Rs 55.32 billion, Patil said while presenting the Budget in the state assembly.
The fiscal deficit for the reporting year is estimated at Rs 91.25 billion, the minister said.
To contain deficit, a fiscal responsibility bill would be soon introduced by the government whereby the citizens can force the government to follow a path of fiscal responsibility through appropriate fiscal target, Patil said.
Similarly, a fiscal advisory board would be set up to oversee the implementation of the fiscal responsibility legislation, he said.
Tax on petrol and diesel would go up by Re 1 per litre from April 1, 2002. Similarly, electricity duty in respect of industrial consumers, cinema houses/theatres and commercial consumers would be increased by one percentage point with effect from April 1, 2002.
Entertainment duty on cable television would be collected through public auction and duty on discotheques would be increased.
The size of the annual Plan was pegged at Rs 111.35 billion, Patil said.
The government would allow prospective new entrants to taking over the ailing units in the co-operative sector, the minister said.
He also announced setting up of an independent three-member board to declare co-operative units as unviable.
He also announced lifting of stay on the recovery of tax and non-tax revenue from April 1, 2002.
Similarly, all fees, service charges would be raised by 10 per cent, the finance minister said.
Salaries of all ministers would be reduced by 20 per cent and travelling and daily allowance to them would be restricted to a maximum of 10 days in a month, Patil stated.
Nearly 29,828 posts in the government have been found to be surplus in various departments, he said.