By Pervez Bari, TwoCircles.net,
Bhopal: The final figures of the financial year 2007-08 show that the financial health of Madhya Pradesh has further improved. The state has registered a creditable 13 per cent increase in own tax revenue during the period over the preceding fiscal.
Madhya Pradesh Finance Minister Raghavji informed that the total receipts under own tax head during financial year 2007-08 were Rs. 11,832 crore, which represents a 13 per cent increase over the previous year. In financial year 2002-03 the receipts under this head were merely Rs. 6,805 crore, compared to which the receipts of 2007-08 are near double.
Raghavji said that the performance in respect of capital plan expenditure has also improved considerably during the period under review. It stood at Rs.. 5,684 crore, representing a 17 per cent increase over the last fiscal. The capital expenditure in 2003-04 was only Rs. 2,672 crore. Thus, the capital expenditure during 2007-08 is more than double in comparison to 2003-04.
The Finance Minister said that while plan expenditure has gone up, the non-plan expenditure has gone down over the last four years. This goes to show heavy increase in the expenditure on development works. This has been achieved without levying any new tax and reduction of taxes on many items. Besides, adequate funds have been provided for welfare of the employees and the poor.
The plan expenditure during 2007-08 was Rs. 13,713 crore, which is 30 per cent more than preceding year. In year 2003-04, it was merely Rs. 5,684 crore. The increase is, thus, over two and half times. It is also a matter of satisfaction that the plan expenditure has exceeded the budget estimates of 2007-08. ([email protected])