On Friday, the Tripura government unveiled a tax-free budget of Rs. 27,804.67 crores for the fiscal year 2024-25, emphasizing education, skill development, and infrastructure. Finance Minister Pranajit Singha Roy revealed that the budget has a deficit of Rs. 410.69 crores, with capital expenditure reaching Rs. 6,633.80 crores, a 24.26 percent increase from the revised estimate of 2023-24.
The budget breakdown allocates 27.94 percent for salaries and wages, 21.82 percent for capital expenditure (excluding loan repayments), 11.55 percent for pensions and retirement benefits, and 31.31 percent for other developmental activities. Singha Roy emphasized three key development areas: education, skill development, and infrastructure, aiming to unleash the state’s full potential for sustained growth.
The finance minister highlighted inclusive allocations, targeting various segments of society, including women, students, youths, transgenders, scheduled tribes, scheduled castes, other backward classes, minorities, employees, and pensioners. Despite the challenging economic landscape, Tripura recorded an impressive 8.89 percent Gross State Domestic Product (GDP) growth in 2022-23, surpassing the national GDP growth of 7.20 percent. Singha Roy projected a further GDP growth of 8.47 percent for the state in the current year.
A substantial portion of the budget, over Rs. 1721.94 crores (a 19.88 percent increase from the last budget), is allocated for agriculture and allied sectors. Specific initiatives include Rs. 23.71 crores for eight new agri-development research centers, Rs. 9.17 crores for a center of excellence on citrus under the Indo-Dutch project at Taidu, and Rs. 100 crores for another center of excellence on flowers under the Indo-Israel action at Lembucherra in West District.
Singha Roy acknowledged the state’s debt of Rs. 21,687.07 crores, a significant increase from Rs. 12,902.73 crores in 2017-18, the last year of the erstwhile Left Front government’s rule. Despite the financial challenges, the budget reflects a strategic approach towards fostering development, acknowledging the importance of key sectors and inclusive growth for Tripura’s future.
Check here for the latest updates in Hindi!