(PTI)
No fresh tax has been proposed in Himachal budget for 2018-19, which leaves an uncovered deficit of Rs 7,061 crore, while cumulative fiscal deficit has been pegged at Rs 7,821 crore. Presenting his first budget, Chief Minister Jai Ram Thakur, who also holds the finance portfolio, announced 28 new schemes, nine-point programme for doubling farmers income by 2022 and incentives for hydro-power, tourism and industries to boost investment. Jai Ram said that several new initiatives have been announced in spite of resource crunch, but a shortage of funds will not come in the way of development and focus would be on agriculture, horticulture, tourism and industry to boost investment and generate employment.
The liability of interest payment will be Rs 4,260 crore during 2018-19 compared to Rs 3,718 crore in 2017-18 due to mounting debt burden and borrowings of Rs 4,500 crore will be required to bridge the revenue gap. The maximum expenditure of Rs 11,263 crore will be incurred on salaries Rs 5,893 crore on pensions, Rs 4,260 crore on interest payment and Rs 3,632 crore on loan repayment and Rs 2741 crore on maintenance, leaving Rs 16,392 crore (39.56 per cent) for development and implementation of other schemes. Out of every Rs 100, the state revenue receipts will be Rs 27.13, share in non tax revenue will be Rs 21, while 45.34 would come in form of central grants and gap of Rs 26.54 will be covered through loans.