PUNJAB FINANCE MINISTER HARPAL SINGH CHEEMA UNVEILS AMBITIOUS RS 2.04 LAKH CRORE BUDGET FOR FY 24-25

In a significant move aimed at bolstering the state’s economy and uplifting key sectors, Punjab Finance Minister Advocate Harpal Singh Cheema presented a visionary budget for the financial year 2024-25. The budget, exceeding Rs 2 lakh crore, reflects the government’s commitment to growth, development, and the welfare of its citizens.

Punjab Finance Minister Harpal Cheema’s budget speech resonated with optimism, emphasizing the government’s commitment to inclusive development. As Punjab charts its course toward progress, this budget serves as a roadmap for a prosperous and vibrant future

The budget with total estimate expenditure of Rs. 204917.67 crore for FY 2024-25, allocates a substantial Rs 13,784 crore for the agriculture sector, emphasizing sustainable practices, technological advancements, and farmer welfare. This investment underscores the government’s dedication to ensuring food security and rural prosperity.

Recognizing the pivotal role of health and education in societal progress, the budget focuses on these critical areas. With an allocation of Rs 16,987 crore for education, the government aims to enhance learning outcomes and provide quality education to all. Simultaneously, allocation of 5264 crore for Health and Family welfare, and Rs 1133 crore for Medical Education and Research will strengthen the state’s response to health challenges.

A significant portion of the budget, amounting to Rs 9388 crores, has been earmarked for Social Welfare schemes. This allocation is a clear indication of the government’s priority in ensuring the well-being of its citizens, particularly those in need of support and assistance.

Under the leadership of Chief Minister Bhagwant Singh Mann, the Punjab Government has generated over 40,000 government jobs in the past two years. The budget reinforces this commitment to employment generation, fostering economic resilience and stability. The budget allocated Rs 525 crore for Technical Education, and Rs 179 crore for Employment Generation and Training.

The budget presents some innovative proposals including Schools of Brilliance, Applied Learning and Happiness, and Fish Seed Farm: A river ranching programme has been initiated under which 3 lakh fish seeds have been stocked in river bodies.

An allocation of Rs 100 crore has been purposed for FY 2024-25 for government’s ongoing mission of transforming 118 schools into state of art Schools of Eminence, out of which 14 schools have already been started. Boosting the initiatives to upgrade the level of school education in the state, the budget purposes to transform 100 government senior secondary schools as ‘Schools of Brilliance’ with an initial allocation of Rs 10 crore, establishing ‘School of Applied Learning’ with an initial provision of Rs 10 Crore, and transforming 100 primary government schools into ‘School of Happines’ provisioning Rs 10 crore in budget for FY 2024-25.  

The budget earmarks Rs 24283 for infrastructure projects, which will be distributed across various departments including of Water Resources, Local Government, Power, Public Works, Rural Development and Panchayats, Transport, Housing and Urban Development, and Water Supply and Sanitation. This allocation is a 16.4 % increase from the previous fiscal year’s budget, indicating a strong focus on long-term development and modernization.

The budget estimates revenue collection exceeding Rs 1 lakh crore, reflecting prudent fiscal management and resource mobilization.