Gujarat Finance Minister Kanubhai Desai is all set to present the last budget of the current government on March 3. The COVID-19 pandemic and the subsequent lockdown have severely affected the state in the last two years. All eyes will be on the first budget of the Bhapendra Patel government, how the government is planning to bring the state’s economy back on track.
Experts believe that with the state elections due later this year, the upcoming budget is likely to be populist. The Gujarat state budget is expected to focus on social welfare schemes. It is to be noted that according to a report by the Indian Express, the key subsidy provided by the state government increased to an estimated Rs 19,768 crore by the end of 2020-21, from Rs 4,975 crore in 2010-11. According to the report, the agriculture sector is the biggest contributor to power subsidy of Rs 9,733 crore.
Industry experts are expecting a major policy boost, especially in infrastructure and manufacturing, to accelerate the pace of economic recovery.
With oil prices skyrocketing in the past one year, industries want the state government to reduce value-added tax or VAT for piped natural gas or PNG used by industries. “We are expecting a rebate in VAT (Value Added Tax) for PNG (Piped Natural Gas) used by industries. PNG prices have increased by about 40 per cent during the last year,” Vinod Agarwal, president, CII, Gujarat, was quoted as saying by The Indian Express.
Gujarat Budget Session: Important Dates, Timeline
The month-long budget session of the Gujarat Legislative Assembly will begin from March 2. The state budget will be presented on Thursday, March 3. Then, the Gujarat budget will be discussed and debated in the assembly for the next four days. This will be followed by a three-day discussion on the Governor’s address and a two-day discussion on the supplementary demands of various wings. The budget session will end on March 31.
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