Chief Minister Hemant Soren stated that the next state budget would be a step in fortifying Jharkhand's basis. Speaking at a pre-budget consultation meeting held at the Project Building here, Hemant also gave the populace the assurance that his government would not increase their tax burdens and would use its own internal resources to raise money for welfare programs.
Hemant expressed regret in his speech for the Center's choice to reimburse states for revenue losses they suffered following the introduction of the GST. Some states benefit from GST, while others do not. For a short time, the states received remuneration from the Center. That, too, is now over. Every state must fend by itself and produce its own resources, according to CM.
The chief minister also praised his government's decision to implement the Mukhayamantri Maiya Samman Scheme, which will provide over 56 lakh women in the state with a monthly stipend of Rs 2,500.
"It is a matter of reflection that while the Union ministry of women and child development provisions to the tune of Rs 25,000 crore to Rs 26,000 crore annually in its budget, one state has pledged to spend Rs 16,000 for half of its adult population," he stated.
"I want to reassure you that nobody will be subjected to any extra strain. He said, "We will mobilize our internal resources."
The consultation gathering on Tuesday concluded the state finance department's more than two-week-long process of collecting and sifting ideas for the next state budget. Up until January 16, the public submitted more than 1,100 proposals via its online portal, and subject area experts and experts from other academic institutions also contributed their thoughts.
According to authorities from the finance department, Jharkhand was one of the top five states in terms of the fiscal health index in a recent Niti Ayog assessment that was released last week. According to state finance secretary Prashant Kumar, "Jharkhand rose to the fourth position among 18 states in the 2022-23 fiscal year after ranking 11th between 2015 and 2019."
According to economist Harishwar Dayal, the state's GDP is predicted to reach USD 10 trillion by 2029–2030 FY, and its per capita income is predicted to reach Rs 1.14 lakh in the next fiscal year.
As the new budget was being planned and plans were being established for the use of underutilized government assets, Chief Secretary Alka Tiwari stated that a realistic evaluation of revenue was necessary.