NO FRESH TAX IN UP BUDGET

The Mayawati government in Uttar Pradesh on Tuesday presented its budget for 2008-09 that spared the public from any new taxes, amid a boycott by the main opposition Samajwadi Party and BJP. The Rs 1,12,472.72 crore spending plan, which was tabled by Finance Minister Lalji Verma, proposes to set apart nearly Rs 12,801 crore for as many as 212 new schemes. In his budget speech, he said an outlay of Rs 22,554 crore has been made for infrastructure development in the state - an increase of 22 per cent over the similar provision in the previous year. The budget estimates a total receipt of Rs 1,10,827.87 crore, while the total expenditure was estimated at Rs 1,12,472.72 crore, reflecting a deficit of Rs 1,644.85 crore. After adjusting Rs 3,475.60 crore from the public account, the net result of all transactions is estimated at Rs 1,830.75 crore. The government also took a vote on account for the months of April and May amounting to over Rs 21,113.16 crore. The budgetary provisions for the year 2008-09 were 11 per cent more than the budget for the previous year. Verma said that a revenue surplus of Rs 10,977.68 crore is estimated in 2008-09, while the fiscal deficit is estimated at Rs 11,698.91 crore, which was Rs 785.79 crore less than the previous year. – www.economictimes.indiatimes.com