Friday, March 12, 2021

Chandigarh, March 12: Taking a pioneering step towards strengthening Haryana’s economy through capital investment as the prime focus of this year’s budget, Haryana Government is all set to mark a paradigm shift in its architecture by allocating an untied fund of Rs. 8,585 crores as Medium-Term Expenditure Framework (MTEF). Besides this, the State also intends to utilize the resources earmarked under MTEF fund this year on special projects that focus on Health, Agriculture and Infrastructure.

Haryana Chief Minister, Sh. Manohar Lal who also holds the portfolio of Finance Minister announced this while presenting the State Budget for the year 2021-22 during the ongoing Budget session of Haryana Vidhan Sabha here today.

He said that a budget allocation of Rs. 1,55,645 crores has been allocated for 2021-22, an increase of 13 per cent over RE 2020-21 of Rs. 1,37,738 crores. The Budget outlay comprises 25 per cent as capital expenditure of Rs. 38,718 crores and 75 per cent as revenue expenditure of Rs. 1,16,927 crores. 

He said that to further improve outcomes and bring in more synergy, allocations of budget 2021-22 has been done by clubbing departments in specific sectoral areas. This thematic integration of different departments would facilitate delivery of expected results through coordination and convergence among relevant departments contributing towards common goals.

“This pioneering and first of its kind MTEF funding structure will remove uncertainty of allocations and will ensure that projects are planned in a proper and sustainable manner. Other significant advantages of the Reserve Fund include flexibility to allocate for projects that are anchored in multiple sectors and focus on priority sectors,” said the Chief Minister.

 The Chief Minister said that Orbital Rail Corridor, asset monetization through Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs), Global City near Manesar, International Horticulture Market at Ganaur, Sonepat, would remain some signature projects to accelerate the pace of development.

“COVID-19 presented unprecedented challenges and taught us several lessons. I take this budget as an opportunity for Haryana to be at the forefront of that journey to achieve a “V-shaped” recovery under the leadership of Prime Minister. This strategy for a resilient and resurgent Haryana is crafted on four pillars. The four pillars are prioritization of key areas, creation of MTEF Reserve Fund, outcome led growth, and focus on implementation, said Sh. Manohar Lal.

He said that while understanding the importance to prioritise on specific sectors in budget that are key to leverage a rebound in the economy, particularly in times of crisis, the State Government has identified Health, Agriculture and Infrastructure as key priority areas that need to be focussed on to arrest the contraction in economy and take a path of resurgence.

He said that this four pillared approach forms the basis of our strategy to achieve a “V-shaped” recovery and pave the way for a resurgent economy. The acceleration of economic growth in Haryana should target increasing income and purchasing power of every individual of the State. We have decided to adopt this uniquely crafted roadmap and hope that this will result in crossing many milestones in the economic journey of our state and transforming into a vibrant and Aatmnirbhar Haryana with sustainable, inclusive and grassroots level development, said Sh. Manohar Lal.

He further asserted that the State Government has laid special emphasis on achieving outcomes, to ensure that the public monies are allocated and spent in a productive, focused manner targeting specific outcomes. Towards this objective, Haryana has focused on achieving the Sustainable Development Goals (SDGs) through various budgetary allocations and focused implementation of the schemes.

“Haryana was the first state in the country to have developed an Output Outcome Framework – accounting for every rupee allocated in the budget. We presented this framework along with the previous budget and we have continued this practice this year as well. We are also the first state in the country to have linked the budgetary expenditure to progress under specific SDGs. We have established an SDG Coordination Centre in collaboration with the United Nation Development Programme (UNDP) and Haryana intends to take this forward through the Haryana Institute of Fiscal Management. With this focused approach on outcomes, we will resolutely move forward in realizing ‘Vision 2030’, “informed Sh. Manohar Lal.