Speed Post News Network
Patna : Presenting a Rs 1.66 lakh crore annual budget in Bihar assembly, finance minister Abdul Bari Siddiqui on February 27 claimed there was little impact of demonetisation on state’s economy. In his speech, Siddiqui said because of huge tax collections, the demonetisation could not hamper economy of the state.
He, however, regretted the Centre’s promised special grants and special status assured by PM Narendra Modi could not reach Bihar resulting in cuts in the development activities. The changed central funding too went against the state’s interest, he said. His budget speech lasted only ten minutes.
Social sector has been allocated 36 % of the budget this year against 3 % previously. Fund for minorities welfare has been raised from Rs 293 crore to Rs 873 crore. Since the GST will be implemented from April 1, there is no fresh taxation in the state’s budget.
Commenting on the budget proposals, leader of opposition Prem Kumar said only 40 % of the budget sanctioned in 2016-17 budget have been spent so far. Former chief minister Jagannath Mishra said due to deteriorating law and order and absence of infrastructure facilities, no fresh investment proposals have been received.