UP Budget 2024-25 Highlights and Key Announcements | 06 Feb 2024

Why in News?

On 5th February, 2024 Uttar Pradesh finance minister Suresh Kumar Khanna presented the budget for the financial year 2024-2025 in the state assembly.

Key Points

  • The total expenditure is estimated at Rs 7,36,437.71 crore.
  • Out of the total expenditure, Rs 5,32,655.33 crore has been allocated for the revenue account and Rs 2,03,782.38 crore for capital account.
  • After deducting the total expenditure from the receipts of the consolidated fund, a deficit of Rs 15,103.89 crore is estimated in the budget.
  • Three schemes to push the agriculture sector:
    • State Agricultural Development Scheme, will have a provision of Rs 200 crore.
    • Rs 200 crore has been allocated for the World Bank-assisted UP Agris Scheme.
    • For the installation of automatic weather station-automatic rain gauge in blocks and panchayats has been allocated Rs 60 crore.
  • An increase in the amount payable to eligible beneficiaries under the Destitute Women Pension Scheme from Rs 500 per month to Rs 1,000 per month was announced.
    • A total of 31,28,000 destitute women have benefited from the scheme until the third quarter of 2023-2024.
  • The Women Farmer Empowerment Project aims to provide technical support by forming 200 producer groups in the financial year 2024-2025.
  • The state's budget for 2023-2024 was Rs 6.90 lakh crore, which included the allocation of Rs 32,721 crore for new schemes.

Article 112

  • According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).
  • It is a statement of the estimated receipts and expenditure of the Government in a Financial Year (which begins on 1st April of the current year and ends on 31st March of the following year).

The Destitute Women Pension Scheme

  • It is a State scheme under which destitute or deserted women and widows of 18 years of age or above are given pension as per eligibility criteria laid down in the rules of the scheme.
  • The aim of the scheme is to provide social security to women who are unable to sustain themselves with their own resources and are in need of financial assistance.