Budget 2024: Rs. 26000 Crore for Bihar Highways | 24 Jul 2024
Why in News?
Recently, In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced an investment of Rs. 26,000 crore in highway development in Bihar.
Key Points
- Highway Development in Bihar: The government aims to boost road infrastructure in Bihar by allocating funds for several projects, including:
- Patna-Purnea Expressway
- Buxar-Bhagalpur Expressway
- Spurs connecting Bodhgaya, Rajgir, Vaishali, and Darbhanga
- Additional 2-lane bridge over river Ganga at Buxar
- Power Projects: The budget also includes the setting up of a new 2400 MW power plant at Pirpainti, Bihar, at a cost of Rs. 21,400 crore.
- Impact on Companies: Experts believe this investment will benefit highway construction companies such as, it is expected to boost cement demand, benefiting cement producing industries.
Budget and Constitutional Provisions
- According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS).
- It is a statement of the estimated receipts and expenditure of the Government in a financial year (which begins on 01 April of the current year and ends on 31 March of the following year). In addition to it, the Budget contains:
- Estimates of revenue and capital receipts.
- Ways and means to raise the revenue.
- Estimates of expenditure.
- Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year.
- The economic and financial policy of the coming year, i.e., taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects.