The Bihar government, under the leadership of Nitish Kumar, presented a robust budget totaling Rs 2.79 lakh crore, highlighting the state's strong financial position with a growth rate of 10.64 percent, the highest in the nation. Deputy Chief Minister Samrat Choudhary, who also oversees the finance portfolio, emphasized Bihar's remarkable achievement, surpassing the national average growth rate and leading in Gross State Domestic Product (GSDP) growth for the fiscal year 2022-23.
Choudhary proudly announced the government's success in uplifting 2.5 crore people from poverty in the preceding financial year, showcasing a commitment to overall development. Significant allocations were earmarked for various sectors, including education, health, rural development, welfare schemes, urban development, and strengthening of panchayati raj institutions. Notably, a substantial fund of Rs 52,639.03 crore was allocated to the education sector alone, underlining the government's focus on social development alongside education and health.
Despite the opposition's disruptions during the budget presentation, Choudhary underscored Bihar's achievements, such as a notable decrease of 47 percent in maternity deaths. The budget for the upcoming fiscal year reflected an increase to Rs 2,78,725.72 crore, with key allocations for education, rural development, and health sectors. While the fiscal deficit remained a concern, efforts were made to contain it within the FRBM limits of three percent of the state GDP.
Regarding Central government grants, although there was a slight reduction estimated for the upcoming year, the overall financial outlook remained stable. The budget document outlined the state's outstanding public debt and total debt, emphasizing the need for prudent fiscal management in alignment with the Fiscal Responsibility and Budget Management (FRBM) Act, 2003.
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