UP budget 2018: Yogi Adityanath govt presents Rs4.28 trillion budget, 11.4% higher than last fiscal

Lucknow: The Yogi Adityanath-led government in Uttar Pradesh on Friday presented its 2018-19 budget with a spending target of Rs4.28 trillion, focusing mainly on improving energy access, rural housing and infrastructure.

The Bharatiya Janata Party government in the state with the largest number of parliamentary seats will spend Rs29,883 crore on various energy sector schemes and will try to provide electricity connections to 15 million households by March 2019, when the country goes to polls.

“We have presented a very good budget for the farmers, youth, women and villages, keeping in mind fiscal discipline,” said chief minister Adityanath.

The state’s FY18-19 budget, which raises annual spending by 11.4% from the revised estimate for FY17-18, seeks to contain fiscal deficit at 2.96% of gross state domestic product. The budget revised the fiscal deficit for FY17-18 marginally to 2.98% from the original estimate of 2.97%.

The government proposes that 75% of the total expenditure will be revenue expenditure and the rest will be capital expenditure.

The tax revenue collection target of Rs2.6 trillion in FY18-19 includes Rs1.2 trillion by way of the state’s own tax receipts and Rs1.3 trillion by way of its share of the central taxes.

The UP government will spend Rs13,160 crore in the next fiscal year on building roads and bridges, Rs18,167 crore on an elementary education scheme and Rs5,000 crore on cleanliness programmes. Regional rapid transit systems and Metro projects also get high priority in the budget presented by finance minister Rajesh Agarwal.

The government plans to start work on three new Metro projects in Kanpur, Agra and Meerut, while detailed project reports will be prepared for Metro projects in Varanasi, Gorakhpur, Allahabad and Jhansi.

The budget earmarks Rs650 crore for the Bundelkhand expressway project, Rs550 crore for the Gorakhpur link expressway project, Rs1,000 crore for Purvanchal expressway and Rs500 crore for the Agra-Lucknow expressway.livemint