Bihar government offers new housing scheme for employees in budget 2017 – 18
With the new budget for 2017-18, Bihar government has announced a housing scheme valid for fourth grade employees working in the government sector. The budget was presented by the CM of the state in presence of Bihar State Finance Minister Mr. Abdul Bari Siddiqui for the fiscal year 2017-18.
Main Aims of the Budget
- The budget focuses on investing Rs. 14.555 crore as expenditure related to development in various sectors. It also aims at investing Rs. 873 crores in implementing housing scheme for government sector employees.
- The new budget is also aimed to allocate Rs 8,516 crores that will be used by the government for rural works; Rs. 5,703 crores shall be used for road construction in the state, Rs. 5,949 will be used for social welfare funds and Rs. 6,795 will be used in the energy sector.
Budget Allocation for the New Housing Scheme
- The government has allocated an amount of Rs. 873 crores to be invested in the new housing scheme for the employees. This was officially announced by Mr. Abdul Bari Siddiqui, the finance minister of the state.
- The government has also made it very clear that it is not aiming to impose any fresh tax in the state. This was clearly stated in the budget meeting that it has already allocated an expenditure amount of Rs. 14,555 crore which is nearly 1.60 lakh crore more than the one allocated in 2016-17 budget.
Benefits to the Employees Under New Housing Scheme
- The budget is aimed at offering better and developed housing schemes for fourth grade employees working in the government sectors. The government also added that the new budget is offering employees with at least threefold increment in the budget amount for developing housing schemes.
Other Benefits allocated by the government
- Welfare and Education sector – Bihar state government and budget committee has also allocated higher priority for minority welfare and education sector in the state. The government has announced an increase in the fund allocation amount by Rs 15,389 crore this fiscal year as compared to Rs. 1.44 lakh crore that was for last fiscal year 2016-17.
- Rural Development Under the scheme – Apart from allocating amount for education sector, the government has also allocated a budget amount of Rs. 9.725 crore that will be used for rural development in the state. The finance minister for Bihar state also added that the government is well prepared to make best use of the internal resources available in the state.
- Allocation of amount for establishments – government has also allocated a fixed amount of Rs. 78,818 crores for non-planned expenditures and establishments and Rs. 80,891 crores amount has been kept provisioned for other annual schemes run by the government in the state.
The government aims at using this fixed amount for implementing in various development schemes and activities. Even with his, the state government plans to borrow a total amount of Rs. 23,862 crores by this fiscal year 2017-18.
Regarding the losses in the previous year, the government has stated that the state shall cover the losses of previous fiscal year from other sectors including ready-made cloths and garments, hospitality sector, dairy and sweets products.