Haryana's Rs 2.23 Lakh Crore Budget Targets Rural Economy, New Agri DISCOM

He announced the creation of a third power distribution company, named Haryana Agri DISCOM, specifically designed to cater to the farming community.

Presenting his second budget, CM Saini, who also holds the Finance Department portfolio, said fiscal deficit is projected at Rs 40,293.17 crore, or 2.65 per cent of the Gross Domestic Product (GDP). "The revenue deficit is estimated at 0.87 per cent of the GDP, while the effective revenue deficit is pegged at 0.41 per cent. Capital expenditure is projected at 1.86 per cent, with effective capital expenditure estimated at 2.32 per cent," he said in his budget speech in Hindi.

Donning a Sikh turban, the Chief Minister emphasised enhancing capital investment to accelerate infrastructure growth.

Capital expenditure is proposed at Rs 28,205 crore, accounting for 12.6 per cent of the total budget, while effective capital expenditure stands at Rs 35,216 crore, or 15.7 per cent of the budget. This enables an increase from Rs 27,650 crore in 2025-26, which was 13.6 per cent of the total budget.

The Chief Minister highlighted the state's significant role in India's growing economy, setting an ambitious goal for Haryana to achieve a one-trillion-dollar economy by 2047.

He said that for the first time in the state's history, 98 per cent of the total budget was successfully utilised in the previous financial year.

The CM said the state's economic condition is improving, with Haryana now having the highest per capita income among major states. At current prices, Haryana's per capita income rose from Rs 1,47,382 in 2014-15 to Rs 3,24,958 in 2023-24 (provisional estimate). In 2024-25 (quick estimate), it increased to Rs 3,58,171, while the national average stood at only Rs 2,19,575. For 2025-26 (advance estimate), this figure is projected to rise further to Rs 3,95,618, he said.

The fiscal deficit has risen by 2.75 per cent from 2014 to 2024, while during the previous government's tenure, it increased by as much as 44 per cent, he said.

Also, losses from government undertakings have decreased threefold, he said.

The budget proposes primary agricultural credit societies. Currently, only 33 out of 804 societies are profitable, and the government aims to bring 300 societies into profit by diversifying their operations to include petrol pumps.

Gram Sabha meetings will now be mandated to discuss six issues -- development, de-addiction, drinking water, sanitation, solid waste management, and maintenance inspections.

The MLAs are now permitted to participate in these grassroots meetings. The creation of power distribution company Haryana Agri DISCOM will manage 5,084 agricultural feeders, ensuring uninterrupted power for 7.12 lakh consumers. Through it, tubewell connections will be provided to farmers.

The other two electricity distribution companies are Uttar Haryana Bijli Vitran Nigam (HBVN) and Dakshin Haryana Bijli Vitran Nigam (DHBVN).

For industrialists, the budget proposed the establishment of a special fund of Rs 500 crore named 'Saksham' that aims to enhance infrastructure in targeted cities, promote industrial activities, and strengthen the local economy.

- IANS