Bihar

• 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.