• 24 Jul 2024

Budget 2024: Rs. 26000 Crore for Bihar Highways

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.

Enhancing Farmers' Income Through Carbon Credits

Why in News?

The Uttar Pradesh Government aimed to boost farmers' income through carbon credits by encouraging participation in a massive plantation drive on July 20, during which 35.5 crore trees were planted..

Key Points

• Carbon Credits: Farmers receive carbon credits based on the reduction in carbon emissions achieved through the trees they plant. For every ton of carbon dioxide emissions prevented, they earn financial benefits as an incentive.
  • One carbon credit typically represents one ton of carbon dioxide equivalent (CO2e) that has been reduced, removed, or offset from the atmosphere.
• Tree Types: Planting fast-growing trees like poplar, melia, dubia, and semal allows farmers to earn additional income from carbon credits.
• Credit Purchase: These carbon credits are purchased every five years at a rate of six US dollars per credit.
• Beneficiaries: In the first phase, farmers from six divisions Gorakhpur, Lucknow, Bareilly, Meerut, Moradabad, and Saharanpur will benefit from carbon credits.
• Incentives: Between 2024 and 2026, 25,140 farmers will receive incentives worth Rs 202 crore.
• Division-wise Distribution:
  • Gorakhpur: 2,406 farmers will receive Rs 34.66 crore.
  • Bareilly: 4,500 farmers will receive Rs 24.84 crore.
  • Lucknow: 2,512 farmers will receive Rs 21.26 crore.
  • Meerut: 3,754 farmers will receive Rs 21.67 crore.
  • Moradabad: 4,697 farmers will receive Rs 38.05 crore.
  • Saharanpur: 7,271 farmers will receive Rs 61.52 crore.
• Estimated Carbon Credits: A total of 42,19,369 carbon credits are expected.
• Future Phases: The second phase will cover seven more divisions, and the third phase aims to include the entire state under carbon financing.
  • In the second phase, seven divisions, Devipatan, Ayodhya, Jhansi, Mirzapur, Kanpur, Varanasi, and Aligarh will be included. 
  • The third phase aims to cover the entire state with carbon financing.
• Carbon financing assigns a monetary value to carbon emissions. 

UP to Plant 3.72 Crore Saplings Along Riverbanks

Why in News?

The Uttar Pradesh government has launched the “Ped Lagao, Ped Bachao Jan Abhiyan-2024” campaign, aiming to plant 3,72,66,000 saplings along riverbanks across the state.

Key Points 

• Riverbanks Covered: 

  • Ganga: 77.5 lakh saplings will be planted on 5,096.42 hectares of land along the Ganga river.

  • Yamuna: 98.47 lakh saplings will be planted at 534 locations along the Yamuna river, covering 6,581.32 hectares.
  • Hindon: Four lakh saplings will beautify the Hindon river on 270.13 hectares.
• Incentive Scheme: In forest divisions along the Ganga, including Prayagraj, Pratapgarh, Kaushambi, Fatehpur, Varanasi, Ghazipur, Mirzapur, Bhadohi, Kashi wildlife, and Ballia, an incentive scheme funded by the National Mission for Clean Ganga is being implemented.
• Tree Varieties: Various trees, including Neem, Drumstick, Tamarind, Arjun, Jamun, Bel, Mango, Mahua, Teak, Sheesham, Guteel, Bamboo, Peepal, Pakkad, and Banyan, will be planted along the riverbanks.
• Medicinal Plants: The initiative also promotes cultivating medicinal and aromatic plants on 2,500 hectares of private land, supported by nurseries.
• This effort not only enhances the state’s green cover but also contributes to environmental conservation.

Chhattisgarh Government and Operation Prahar

Why in News?

Since the first tribal Chief Minister took office in Chhattisgarh, there has been a fivefold increase in the killings, arrests, and surrenders of Naxalites. 

• This has been accompanied by serious allegations of arbitrary state power and staged encounters as part of "Operation Prahar".

Key Points

• Operation Prahar: This is an ongoing counter-insurgency operation targeting Maoists in Chhattisgarh.
• Objective and Strategy: The main goal of Operation Prahar is to target and neutralize key Maoist leaders who are believed to be brainwashing and recruiting local youth. 
  • The operation has been intensified recently and will continue to expand across Chhattisgarh​.
• Impact on Local Population: While the operation targets Maoist insurgents, there have been concerns about its impact on local Adivasi communities, with reports of non-Maoist Adivasis being affected during the operations​​.

Viksit Bharat Budget Blueprint

Why in News?

Chhattisgarh chief minister Vishnu Deo Sai said that a clear glimpse of ‘Amritkal Vision - 2047’ is visible in the Union Budget, 2024. 

Key Points: 

• Chhattisgarh’s Provision: The budget allocates Rs.1.52 lakh crore for agriculture, promising a new revolution in employment and prosperity for farmers.
• Mudra Loan and Internships: The plan includes increasing Mudra loans from Rs. 10 lakh to Rs. 20 lakh and providing internships to 5 crore youth in top companies.
• Women and Girls: Rs. 3 lakh crore is allocated for schemes benefiting women and girls, promoting economic independence and social security.
• This budget aims to make Chhattisgarh ‘Aatmnirbhar’ and prosperous, aligning with the vision of a developed India.

Uttarakhand’s Budget Allocation”

Why in News? 

Chief Minister Pushkar Singh Dhami welcomed the Union budget for providing financial assistance to Uttarakhand. 

• The budget aims to address the state’s vulnerability to natural disasters like cloudbursts and landslides.

Key Points 

• Special Assistance Package: The budget includes a special assistance package to mitigate the impact of calamities on Uttarakhand’s development pace.
  • Finance Minister Nirmala Sitharaman announced financial assistance for the Himalayan states of Himachal Pradesh, Sikkim, and Uttarakhand, as well as Assam. The aid aims to address the impact of recent floods in these regions.
• Nine Priorities for Developed India: The Central government has identified nine priority areas such as agricultural reforms, manufacturing push, employment generation, youth skilling, MSME support, and urban infrastructure development in the budget, which will contribute to overall development across the country.