Monday, February 25, 2008

Jamnagar - Gujarat Budget 2008 - 2009

Narendra Modi government Monday announced its decision to mobilise Rs.8.8 billion ($220 million) by pouring additional tax in Fiscal year 2008-09.

This will end a 2 year no-tax budget regime. Finance Minister Vajubhai Vala said that the new tax will, however, leave a deficit of Rs.1.16 billion uncovered and the additional tax will not be imposed on petrol and diesel, also declared and exempted goods also will not attract the additional tax.

Although this was not a surprise, as the state is losing Rs.18 billion as octroi revenue in a full year, by abolishing it in Ahmedabad, Vadodara, Surat, Rajkot, Bhavnagar, Jamnagar and Junagadh municipal corporations. However its worth noting that prices of the items thus spared by Octroi loss has not gone down in last 4-5 months, and this additional tax will add the burden to the common man.

Vala did announced a proposal to create new technological university equivalent to Indian Institute of Technology during current year and plans to establish an Indian Institute of Management-like premier institute in collaboration with Public Health Foundation of India.

Other major numbers in the budget included
Rs.32.55 billion for Sardar Sarovar
Rs.21.11 billion for urban development and housing
Rs.7.75 billion under the Jawaharlal Nehru National Urban Reform Mission
Rs.9.42 billion for agriculture
Rs.8.96 billion for industries and mines.

Vala announced that a new farmer's kit will be distributed to all the farmers living below the poverty line.

Jamnagar News Service

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