Union Finance Minister Nirmala Sitharaman has said that the efforts being made in the field of Financial and Public Asset Management (PAM) in Madhya Pradesh are commendable.
The growth rate of GSDP of the state has been higher than the national GDP growth rate in the last 10 years. In the year 2021-22, the economic growth rate of Madhya Pradesh was 19.74 percent, which is the highest in the country.
Madhya Pradesh’s efforts towards fulfilling the target set by the Prime Minister Narendra Modi to make the country’s economy 5 trillion dollars by the year 2025 are commendable.
Union Finance Minister Sitharaman said this after watching the presentation by the Finance Department at Mantralaya today.
Chief Minister Shivraj Singh Chouhan, State Finance Minister Jagdish Deora, Chief Secretary Iqbal Singh Bains and officials of Finance Department were present.
The Union Finance Minister said that Madhya Pradesh is making progress in every field. Especially in the matter of financial management, the state has presented exemplary examples by making many innovations. She said that the beneficiaries are being benefited by speeding up various schemes of the Central Government in the state. Along with this, self-employment efforts are also getting better, due to which startups are being encouraged. The Union Minister said that Madhya Pradesh is making its best contribution for self-reliant India.
Chouhan said that under the leadership of Prime Minister Shri Narendra Modi, the state government is making special efforts to increase GSDP.
In the report presented by the state level task force constituted for this, a target has been set for the contribution of the state to the country’s economy of $ 550 billion by the year 2025-26.
The Chief Minister said that according to the recommendations of the Madhya Pradesh Government GSDP Task Force, economic strategies have been prepared for the economic and overall development of the state to achieve the target.
Chouhan said that for the structural change of the economy, work has been done to encourage knowledge-based industries such as semi-conductor and bio-industries, decentralization of industries, create clusters and logistic hubs in pharmaceutical food processing and textiles industries.
Chouhan said that the state government has continuously followed the fiscal norms, as a result of which the state has continuous revenue surplus from the year 2005-06 to the year 2018-19, debt-GSDP ratio from the year 2010-11 to the year 2019-20 was in the range of 25 percent and the interest payment of loans remained in the range of 10 percent of the total revenue. Fiscal parameters were affected in the year 2020-21 due to the side effects of Covid. Monthly review of the state’s own financial resources is being done by me. There has been an increase in the revenue of the state.
Chouhan said that in the financial year 2021-22, it is estimated that there will be a situation of revenue surplus. The state government has maintained its fiscal deficit within the prescribed limit. Along with this, important steps have been taken to increase the revenue resources.
Chouhan said that the Public Asset Management Department has been formed in the year 2020 for disposal and management of unusable government assets in the state. 8 confiscated assets were released by paying Rs 14.50 crore to EPFO. As a result of disposal and disinvestment of government assets, a target of Rs 600 crore has been set for this financial year.
Chouhan said that due to the implementation of the new excise policy this year, an increase of about 25 percent in excise revenue is possible. Reversal of ITC of ineligible IGST was done by the Data Analysis Unit of the Commercial Tax Department, as a result of which the state got an additional revenue of Rs 694 crore in the month of October.
In the special campaign to increase the tax base of GST, 69 thousand 894 new registrations have been done during the period from January to October 2022, which is 24 percent more than the same period last year.
It was told in the presentation that the revision of user charges in irrigation and auction of 12 mineral blocks has been completed and auction of 22 blocks is being done. The royalty rates of Limestone are being revised.
The auction of timber has been started in the Forest Department from the current year, which is likely to generate additional revenue.
Working as a mission to increase employment opportunities in the state, approvals have been issued to recruit one lakh posts in the next one year. From 31 lakh 19 thousand in the last one year in Pradhan Mantri Mudra Yojana, Chief Minister Rural Street Vendor Scheme, National Rural Livelihood Mission, PM Swanidhi Yojana, National Urban Livelihood Mission, Prime Minister Employment Generation Program, Chief Minister Udyam Kranti Yojana and Sant Ravidas Self-Employment Scheme More self-employment opportunities have been created.
To promote infrastructure activities in the state and to maintain the growth of the economy, special attention has been given on capital works.
The achievement of capital expenditure of the state in the financial year 2021-22 is estimated to be 3.75 percent of GSDP. In the financial year 2022-23 also, the target of capital expenditure has been kept at 3.87 percent of GSDP.
The state government has set a target to maintain this pace of expenditure on capital works continuously in the coming years as well.
