Synopsis The state budget statement found mention about “worst cut” in Rural Job Guarantee Scheme MGNREGA from Rs 89,400 crore to Rs 60,000 crore in the Union budget and central government withholding MGNREGA allocations which has punished the poor people of Bengal. Agencies Ahead of Panchayat polls in West Bengal, state Finance Minister (MoS with Independent Charge) Chandrima Bhattacharya presented the budget on Wednesday with an increased focus on social welfare and youth oriented schemes and development of the rural roads. West Bengal Chief Minister Mamata Banerjee called it "employment oriented" budget. The state budget statement found mention about “worst cut” in Rural Job Guarantee Scheme MGNREGA from Rs 89,400 crore to Rs 60,000 crore in the Union budget and central government withholding MGNREGA allocations which has punished the poor people of Bengal. The state government allocated Rs 3000 crore for developing 11,500 km rural roads in the budget and proposed introduction of credit card for youth, named as "Bhavishyat Credit card". The state government is focussing on development of rural roads ranging to 11,500 km. “We give special priority for development of rural roads. We are taking up a special project named 'Rastashree' for strengthening the existing roads and also for improving connectivity of these roads with other places. A total of 11,500 km rural roads have been taken up under this project. Under this scheme new roads will be constructed and simultaneously existing roads will also be revamped,” Bhattacharya said in her Budget statement. Bhattacharya said in the House that Rs. 3,000 crore has been for this project. Budget 2023 Want to be a Budget pro? Read the highlights Who gained and who lost from Budget Budget: A Balancing act with tax relief & capex. . . Budget: Gotta admit, all the pieces fit Budget 2023-24 will give boost to fund-starved . . . CEA on why govt trimmed budget for MGNREGS This is the shape of govt finances, according t. . . We could've given a Budget with fantastic numbe. . . Budget tax proposal won't impact growth levers:. . . 5 strategies Budget has taken note of based on . . . Budget 2023-24: Where is the govt spending more. . . View: GoI, push for geospatial investments 1 2 3 4 5 6 7 8 9 10 11 12 With increased focus on the social welfare schemes, the state budget also introduced “Matsyajeebi Bandhu” (Death benefit) scheme to “support the dependent family members the fisherman in case of their untimely demise. Under this Scheme, in case of death of a registered fisherman between the age group 18-60 years, either due to natural reasons or by accident, the dependent family members shall receive one time grant of Rs. 2 lakh. ” Bhattacharya also announced a new scheme 'Bhavishyat credit Card' for the youth. “Under this scheme, Rs 2 lakh youth between the age group 18-45 years will be provided financial assistance as loan upto Rs 5 lakh through banks for setting up micro-enterprises and create employment opportunities. State Government shall provide subsidy in the form of margin money contribution upto 10% of project cost with a maximum cap of Rs. 25,000 and a guarantee coverage of 15%. ” “The state has earmarked Rs 350 crore for the scheme,” the budget statement mentioned. Bhattacharya also announced her government’s decision to “bring out a policy for issuance of homestead patta to the eligible tea garden workers”. “The state has not failed to stand beside the people,” the minister said after the budget presentation. In order to provide relief to tea Industry and lakhs of tea workers, exemption of payment of Rural Employment Cess under the West Bengal Rural Employment and Production Act 1976; and Education Cess under West Bengal Primary Education Act 1973 for the next two years, was announced in the budget. Complete waiver of the Agricultural Income Tax on Tea Gardens for the next two financial years i. e. financial year 2023-24 and financial year 2024-25 was also announced. Full waiver of water rate on irrigation water has been announced in the budget which was charged on the farmers under West Bengal Irrigation (Imposition of Water Rate for Damodar Valley Corporation Water) Act, 1958 and The West Bengal Irrigation (Imposition of Water Rate) Act, 1974. Reacting to the budget, Leader of Opposition Suvendu Adhikari called it a “vote-oriented” budget where no emphasis has been laid on infrastructure building in health, education sectors. Ashok Lahiri, BJP MLA and former Chief Economic Advisor to Government of India, said the state budget is a “budget of announcements” with nothing on long-term development. "Taking a firm step towards encouraging the entrepreneurship spirit of the youth, the State Budget has announced a Rs 350-crore fund, to extend up to Rs 5 lakh respectively to young entrepreneurs. This will definitely help to broad base the startup movement in the state, which has already attracted significant investments in recent times be in IT, Internet of Things and Artificial Intelligence," Indian Chamber of Commerce (ICC) President Mehul Mohanka said. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Wednesday, 15 Feb, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Economy More Aditya Birla Group in Talks with Global Banks for Vi Equity Infusion Aditya Birla Group has initiated an exercise to raise funds at the promoter level for an equity infusion into Vodafone Idea (Vi) Ltd and is in discussions with global banks for raising term debt to subscribe to a preferential allotment of shares. TVS EV Co may Get $350m from ADIA, Goldman, Carlyle Abu Dhabi Investment Authority (ADIA), Goldman Sachs and Carlyle are in active discussions with TVS Motor Co to invest $300-350 million in its electric vehicle (EV) arm at a potential $3-3. 5 billion valuation, said people with knowledge of the matter. Adani Looks to Repay $500 m Bridge Loan The Adani Group is in talks with lenders to repay the $500 million bridge loan facility it had availed of to purchase a controlling stake in Holcim’s cement units last year, said two people with knowledge of the matter. Read More News on panchayat polls west bengal chandrima bhattacharya budget mgnrega (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times . ) Download The Economic Times News App to get Daily Market Updates & Live Business News. . . . more less ETPrime stories of the day Real Estate Interest rates are rising, so are rental yields. 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