Chandigarh, March 17 – Haryana Chief Minister, Sh. Nayab Singh Saini, who also holds the portfolio of Finance Minister, on Monday presented a budget of Rs. 2,05,017.29 crore for the financial year 2025-26 during the ongoing budget session of the Haryana Vidhan Sabha, which is 13.7% more than the 2024-25 budget. In this year’s budget, no new taxes have been imposed, providing relief to the citizens. This budget reflects the priorities and aspirations of every section of Haryana’s population.
In the year 2014-2015, the Gross Domestic Product (GDP) of Haryana was Rs 4,37,145 crore, whereas the estimated GDP of Haryana for the year 2024-25 is Rs 12,13,951 crore. Similarly, in 2014-15, Haryana’s per capita income was Rs 1,47,382, while the estimated per capita income for the year 2024-25 is Rs 3,53,182.
Over the past 10 years, the State’s GDP has grown at an average annual rate of 10.8 percent
The Chief Minister said that as a result of the state government’s hard work over the past 10 years, the State’s GDP has grown at an average annual rate of 10.8 percent, and the per capita income has increased at an average annual rate of 9.1 percent.
He said that in the year 2014-15, the revenue deficit in Haryana’s budget was 1.90 percent of the then GDP. By the year 2024-25, the revenue deficit is projected to be 1.47% of GDP. Similarly, the revenue deficit as a percentage of the total budget is projected to decrease from 13.4 percent in 2014-15 to 9.9 percent in 2024-25. Clearly, from both perspectives, the state government’s revenue deficit has been significantly reduced over the past 10 years.
By the year 2025-26, the fiscal deficit is projected to be 2.67 percent of GDP
The Chief Minister said that in the year 2014-15, the fiscal deficit in Haryana’s budget was 2.88 percent of the then GDP. By the year 2024-25, the fiscal deficit is projected to be 2.68percent of GDP. It is important to note that, according to the Fiscal Responsibility and Budget Management (FRBM) Act, the fiscal deficit of any state government in any year should not exceed 3 percent of GDP of that state. Therefore, the reduction from 2.88 percent in 2014-15 to 2.68 percent in 2024-25 reflects our efficient financial management of the treasury. For the year 2025-26, the target is to further reduce this deficit and bring it down to 2.67 percent of GDP, he said.
He said that in the year 2014-15, the effective revenue deficit was 1.89% of GDP, which is projected to reduce to only 1.01 percent in 2024-25. This reduction clearly demonstrates that our government has placed a strong emphasis on the creation of capital assets in the state over the past 10 years.
He said that the outstanding debt of any state in any year should not exceed a prescribed limit as a percentage of the GDP of that state. In the year 2014-15, the outstanding debt of the Haryana government as a percentage of GDP was 6.67% points below the limit set by the Finance Commission of that time. Even in the year 2024-25, the percentage of GDP of the government’s outstanding debt will remain 6.67% below the limit set by the Finance Commission. Clearly, today’s outstanding debt is the same percentage less than the set limit as it was in the year 2014-15.
The Chief Minister said that the debt incurred by government undertakings, which is not included in the government’s debt figures, has not increased by a single rupee over the past 10 years. The Haryana government has a total of 43 undertakings. Out of these, 24 undertakings are registered under the Companies Act, and 19 are registered under the Cooperative Societies Act. The total outstanding loan of these 43 undertakings was Rs 69,922 crore in 2014-15, which has now been reduced to Rs 68,295 crore in 2023-24. It is important to note that in 2008-09, the outstanding loan of these government undertakings was Rs 30,233 crore.
He said that while the outstanding debt of government undertakings increased from Rs 30,233 crore to Rs 69,922 crore in the 6 years from 2008-09 to 2014-15, the outstanding debt of government undertakings has decreased by Rs 1,627 crore instead of increasing in the 9-year period from 2014-15 to 2023-24. This clearly demonstrates that state government has effectively controlled the loans of public sector undertakings over the past 10 years.
The Chief Minister said that under UDAY scheme, loans amounting to Rs 25,950 crore of power corporations were taken into the account of Haryana Government during 2015-16 and 2016-17. Radical changes were also introduced in the working systems of HSIIDC and HSVP. According to the actual estimates for 2023-24, out of our 43 undertakings, 28 have earned a net profit of Rs 1,746 crore. In 2014-15, only 20 undertakings were in profit, whose profit was only Rs 450 crore.
The Chief Minister said that under the dynamic leadership of Prime Minister, Sh. Narendra Modi, our government will continue to work towards making every Haryanvi family prosperous.
