Assam Budget: FM Neog announces financial assistance to 2 lakh youths

Neog stated that the aggregate receipts for 2022-23 were ₹321,742 crore, while the aggregate expenditure is estimated at ₹321,081 crore– resulting in a surplus of nearly ₹661 crore for the financial year 2023-24

The Assam government on Thursday presented a deficit budget of ₹935 crore for the financial year 2023-24, with the aim of increasing self-employment avenues for youths in the state.

Assam finance minister Ajanta Neog, alongside chief minister Himanta Biswa Sar presented third state annual budget (Twitter Photo)

Assam finance minister Ajanta Neog who presented the budget, announced financial assistance to 200,000 youths to set up industries.

The state finance minister said that in the current budget, an amount of ₹5000 crore has been earmarked to provide financial help to 200,000 unemployed youths to set up industries and become job creators.

Neog stated that the aggregate receipts for 2022-23 were ₹321,742 crore, while the aggregate expenditure is estimated at ₹321,081 crore– resulting in a surplus of nearly ₹661 crore for the financial year 2023-24.

“This, together with the opening deficit of ₹1596 crore, will lead to a budget deficit of ₹935 crore at the end of the year 2023-24,” she added.

The state finance minister further said that there would be no new taxes introduced in the budget and proposed an exemption of electricity duty on renewable energy generation and an extension of the tax holiday on agricultural income tax for three more years.

“42,000 youths have already been given jobs. The process to recruit 18,000 more is underway, and another 40,000 youths would get jobs by May 10– when the state government completes two years,” Neog said. This will be a step towards fulfilling the Bharatiya Janata Party’s (BJP) poll promise of giving one lakh government jobs, she added.

Praising the budget presented by finance minister Neog, chief minister Himanta Biswa Sarma said that this budget will strengthen the foundations of our developmental trajectory and will make our state a major contributor to national growth.

“Assam budget 2023 will script history as it endeavours to take Assam’s GDP to ₹5.5 lakh crore in 2023-24,” Himanta wrote on Twitter.

“Through Mukhyamatri Swaniyojan Yojana, we have sown seeds of a huge employment boom that will be built on the twin pillars of talented Assamese entrepreneurs and state government’s unprecedented support to nurture their talent,” the chief minister said.

He further informed that the government’s annual expenditure has increased from ₹1.06 lakh crore in 2021-22 and is expected to reach ₹1.22 lakh crore in 2022-23.

In 2023-24, the total expenditure is aimed at reaching a record ₹1.39 lakh crore with ₹28,418 crore towards capital expenditure, the CM said.