In-depth analysis of Uttarakhand budget 24-25
PrashantNews
Experts and senior economists gathered at the Doon University to critically analyze various provisions of Uttarakhand state budget 2024-25, dissected complex intricacies and threw light on the potential impact of the budget on various sectors while participating in a thought provoking Panel discussion organized by University’s School of Social Sciences on Friday.
Titled “Decoding Uttarakhand State Budget 2024-25” aimed at discussing various provisions of the budge, dissecting the intricacies and exploring its potential impact on various sectors and demographic groups within the hill state.
The panel discussion brought together a distinguished group of experts, featuring Manmohan Mainali, Budget Officer of the Government of Uttarakhand; Prof V. A. Bourai, former Principal of SGRR College; Prof. H. C. Purohit, Dean of the School of Management; and Dr. K. R. Nautiyal, former ADG, Coast Gaurds. The event was skilfully moderated by Prof R. P. Mamgain, Dean of the School of Social Sciences.
The session commenced with a warm welcome by Prof Mamgain, who set the stage for an insightful exploration of the Uttarakhand state budget. The audience was then treated to a comprehensive presentation of the budget highlights by Peeyush Sharma, a PhD Scholar, Department of Economics. He highlighted key aspects of the budget, focusing particularly on capital expenditure and underutilisation of budgetary allocations in various departments.
Then Prof R P Mamgain emphasized key budget highlights, including Uttarakhand’s ranking and advancements in various schemes, notably the One District Two Product initiative. Significance was given to the Pradhan Mantri Awas Yojana in which Uttarakhand has bagged 1st position, additional aid for the food processing micro enterprises in hilly districts, Gaura Nanda scheme, and Chief Minister research promotion grants. Gender budgeting received attention with a 4% allocation. The significance of agriculture and allied activities was underscored by him, alongside the importance of capital expenditure.
The surplus on revenue account is yet another distinct features of the budget, showing dedicated efforts of the state government towards revenue mobilisation. Overall, Prof Mamgain gave a comprehensive overview of budgetary allocations and developmental priorities.
Each panelist contributed unique perspectives during the discussion, offering valuable insights into the budget’s potential implications.
Manmohan Mainali, the Budget Officer of the Government of Uttarakhand, provided a first-hand account of the fiscal priorities and strategies behind the budgetary allocations. He explained the intricacies behind the planning of Uttarakhand budget and highlighted the importance of government priorities before allocating the fund in the different sectors. These priorities include sustainable growth, financial sector, infrastructure & investment, better implementation of government schemes, MSME development and quality improvement in health and education sectors.
He advised the students and research scholars to study the budgetary provisions with deep insights. According to Mainali, reflection of previous schemes and demand of the people and economy play an important role in planning the budget. He also talked about wage and means advance and its role in fulfilling the gap between receipts and payment of the government.
The maximum limit of WMAs allocated by the RBI for Uttarakhand is Rs. 1100 crores. Mainali clarified misconceptions regarding budget formation, purpose, priorities, and interpretation of budget values. He stressed the importance of understanding variables such as FRBM Act, net borrowing, and wage and means advance for a clearer comprehension of the budget document and argued for interpretation of the budget holistically along with CAG statistics, and GDP flows in capturing its overall impact on the economy.
Prof V. A. Bourai, drawing from his experience as the Former Principal of SGRR College, shed light on the potential impact on the education sector. Contrary to Mainali who explained the budget from government point of view, Prof. Bourai questioned it from economist’s perspective. He emphasized the need for betterment of the quality of education while highlighting the poor performance of higher education institutions and their central rankings on parameters such as NAAC.
Prof. H. C. Purohit, the Dean of the School of Management, delved into the economic aspects, exploring how the budget may influence various industries and economic indicators in the state. He focused on the theme of the budget which is “Thriving and Sustainability” while analysing various budget figures allocated to various schemes for the development of poor, youth, women power, food grains and infrastructure.
Prof Purohit said the budget is more focused on human development because the maximum provision of more than Rs 15000 crore in the budget has been made for education and health. In the budget, special emphasis has been laid on climate change, construction of electronic vehicle charging stations, ecology, industrial development, skill development and tourism development, which will prove important from the point of view of strengthening the economy as well as the ecosystem and employment generation, Prof Purohit said.
Dr. K. R. Nautiyal, former ADG, Coast Gaurds offered a perspective on the potential implications for public services and governance. “Money spent is not growth, it is how human development occurs due to that spending. Along with good budget planning, the intent of the budget planners should also be realised, there should be proper planning and accountability mechanism,” Dr Nautiyal said.
The event drew an engaged audience consisting of students, scholars, and faculty members from diverse backgrounds. The open floor allowed attendees to actively participate in the discussion, fostering a dynamic exchange of ideas and opinions. The panel discussion not only served as a platform for expert analysis but also provided a rare opportunity for the audience to gain a deeper understanding of the intricacies of the state budget. The diverse range of perspectives presented by the panelists allowed for a comprehensive exploration of the budget’s potential implications on different sectors and demographic groups within Uttarakhand.
As the session concluded, Prof Harsh Dobhal summarized the key takeaways from the panel discussion and expressed gratitude to the panelists, the moderator, and the attendees. He said that in-depth analysis and discussion of the Uttarakhand Budget 2024-25, shedding light on its various aspects and implications for the state’s development trajectory, is a highly fruitful exercise not only for students of economics but for all those interested in understanding the financial aspects of any government.
The participants in the discussion included, among others, Dr. M S Mandarwal, Registrar, Doon University, Narendra Lal, Deputy Registrar, Sikha Ahmad, Dr. Rahul Saxena, Luv Mohan Sharma, Research Scholars and students of Doon University.