Key Highlights of the Assam Budget 2024-25
Introduction and Priorities: The Hon’ble Finance Minister commenced the Budget Speech by reciting the Janakalyan Shanti Mantra from the Brihadaranyaka Upanishad, emphasizing the government’s commitment to the well-being, peace, and prosperity of all citizens of Assam. The budget intends to mirror these values, reflecting upon the progress under the leadership of Hon’ble Chief Minister Dr. Himanta Biswa Sarma and marking the fourth budget presentation under his tenure.
Economic Achievements: The speech highlighted significant economic achievements, including the uplifting of 80.36 lakh people from poverty according to the NITI Aayog’s Multi-Dimensional Poverty Index. It noted the massive decline in poverty from 36.97% in 2013-14 to 14.47% in 2022-23, attributing this success to various developmental and welfare initiatives.
Amrit Kaal and Economic Outlook: The Finance Minister elaborated on the concept of ‘Amrit Kaal’ announced by PM Narendra Modi, marking the 25-year period towards India’s 100th Independence Year with a vision for a developed and prosperous India by 2047. The speech outlined the economic outlook, projecting the state’s GDP growth and emphasizing Assam’s contribution to the national economy.
Fiscal Capacity and Development Initiatives: The budget speech detailed the increased fiscal capacity with substantial investments in capital expenditure and externally aided projects. It highlighted the strategy for sustainable development through infrastructural and technological advancements, emphasizing the state’s commitment to becoming self-reliant and among the top-five states in India.
Flagship Schemes and Social Welfare: Various new and innovative flagship schemes were announced, targeting education for girls, entrepreneurship for women, expansion of the Orunodoi scheme, relief for microfinance borrowers, and employment generation. These schemes underline the government’s focus on social security, education, entrepreneurship, and overall societal upliftment.
Infrastructure and Connectivity Projects: Highlighting major achievements and future projects in infrastructure, the budget speech covered sectors such as road construction, establishment of high-performance sports centers, and improvements in public works. It emphasized on creating a robust infrastructure network to stimulate socio-economic development.
Revenue Enhancement Measures: Significant emphasis was given to enhancing state revenues without imposing additional tax burdens on citizens. Successes in domains like commercial tax, excise, mines and minerals, and transport were highlighted, acknowledging the strategic reforms and crackdowns on illicit activities leading to revenue growth.
Commercial Taxes and Excise: The speech specifically noted the remarkable growth in the Commercial Tax and Excise department’s contributions to the state’s revenue. It credited reforms and modernization efforts for the prosperous yield in these sectors, including crackdowns on illicit liquor and modernized tax collection mechanisms.
Environmental Conservation and Climate Change Initiatives: The budget emphasized on environmental conservation and climate change initiatives focusing on afforestation, green energy development, and water conservation projects, showcasing Assam’s commitment to sustainable development.
Budget Estimates for 2024-25: Concluding the budget speech, the Finance Minister presented the budget estimates for 2024-25, highlighting the receipt and expenditure projections. The budget is expected to result in a surplus, indicating the government’s efficient fiscal management and optimistic outlook towards a progressive and developed Assam.