Bengal: Budget 2023-24 to be tabled today

MP | 14 Feb 2023 | Kolkata: Minister of State for Finance (independent charge) Chandrima Bhattacharya will table her second Budget in the Bengal Assembly on Wednesday ensuring the smooth rolling of the state finances amidst a massive freeze in the release of funds by the Union government. 

The Budget is expected to provide an alternative path for revenue generation which will ensure the smooth running of various government schemes. Chief Minister Mamata Banerjee who has already delved deep into the nitty-gritty of the state Budget has made it clear that social security schemes like Lakshmir Bhandar, Kanyashree, Rupashree to name a few will continue overcoming all challenges. 

The state Finance department is optimistic that it will surpass its target of excise collection in the ongoing financial year which is one of the major sources of the state’s revenue. According to the Budget estimates for the fiscal ending March 31, the target for state excise collection was Rs 16,500 crore. 

The excise collections had already crossed Rs 13,500 crore as of January 31, according to sources. The government is likely to stress increasing excise duty targets further so that the state can increase revenue collection. The state government has recently taken a significant step to increase collection through land revenues. 

The West Bengal Land Conversion (leasehold land to freehold) scheme 2022 has been conceived to allow leased-out plots where the tenure is 99 years or more to be converted to freehold by paying a fee that ranges between 7.5 per cent and 20 per cent of the land value. 

"The demand for land for real estate purposes is on the rise with several infrastructure projects happening here and there. So, the government will be able to maximise revenue earnings since the capital appreciation of freehold land is much higher than leasehold ones,” a senior Nabanna official said. Amit Mitra, Special Advisor to the Chief Minister, Finance, has provided his expert opinion regarding the Budget and is slated to address a press conference after Bhattacharya tables it. Ahead of the state Budget, Chief Minister Mamata Banerjee will chair a Cabinet meeting, which is a customary practice. https://www.millenniumpost.in/bengal/bengal-budget-2023-24-to-be-tabled-today-508700