Bihar Deputy Chief Minister cum Finance Minister Tarakeswar Prasad will present the budget of the state government today. The budget will be presented in the house at 2 pm, for which the Finance Department has already completed all the preparations. This will be the second budget of Tar Kishore Prasad as Finance Minister. There is a possibility of 10 percent increase in the size of the budget to be presented for the coming financial year 2022-23.
In the budget of Bihar, emphasis is expected to be laid on the development of technical education, skill development, employment generation. Budgetary provisions will be made regarding the announcement of new department by merging ITI and Polytechnic together. At the same time, funds will be arranged for the development of polytechnic colleges as centers of excellence.
State's share in central taxes increasedApart from increasing the share of the state in central taxes, the budget size may increase on the basis of income from internal sources due to increase in the borrowing limit to 4 per cent and intensification of economic activities.
Budget size likely to increaseAccording to the Economic Survey of the state for the year 2021-22, due to the economic growth rate of 2.5 percent, there will be an increase in the upcoming annual budget size. At the same time, due to the increase in the transfer of central revenue from the Government of India, the budget size of the state will also increase.