GANGTOK, August 5, 2024 — Chief Minister PS Tamang, who also serves as the Finance Minister, unveiled a groundbreaking ₹14,490.67 crore budget for the fiscal year 2024-25 at the Sikkim Assembly. This ambitious budget marks the beginning of a crucial five-day budget session, aiming to lay down a robust financial and developmental roadmap for the state.
Significant Sikkim Budget 2024 Increase and Capital Expenditure Growth CM PS Tamang
- Budget Surge: The 2024-25 budget represents a 109% increase from the 2018-19 figures, reflecting Sikkim’s fiscal growth and strategic planning efforts.
- Capital Expenditure Boost: There has been a significant rise in capital expenditure, which increased from ₹720.61 crore in FY 2019-20 to ₹2,661 crore in FY 2023-24, showcasing an impressive growth of over 269%.
Driving Factors Behind Economic Growth
CM PS Tamang attributed this remarkable progress to several key factors:
- Enhanced Financial Management: Improved practices have optimized the state’s expenditure and revenue processes, leading to fiscal stability.
- Increased Revenue Generation: Successful efforts to boost revenue generation have provided a robust financial foundation for further development.
- Strategic Investments: Leveraging external funding, the state has strategically invested in crucial projects, ensuring timely completion and maximum impact.
CM PS Tamang Strategic Focus Areas for 2024-25
The CM PS Tamang budget outlines substantial investments across various sectors to foster holistic growth:
Major Investments:
- Roads: Significant funds allocated for the construction and maintenance of roadways.
- Water Supply: Initiatives to enhance water supply infrastructure.
- Electricity: Improvements to the electricity grid to support economic activities.
Healthcare and Education
Ongoing Investment:
- Healthcare: Expansion of healthcare facilities and services to improve public health.
- Education: Investments aimed at enhancing educational infrastructure and quality.
Tourism and Agriculture
Economic Diversification:
- Tourism: Initiatives to boost tourism, including marketing campaigns and infrastructure improvements.
- Agriculture: Implementation of innovative agricultural practices to increase productivity and sustainability.
CM PS Tamang Future Implications and Strategic Vision
CM Tamang emphasized that the ability to attract additional funding for capital projects is a direct result of the state’s robust performance and timely project completions. This financial strategy is designed to sustain Sikkim’s growth trajectory and ensure long-term economic stability.
Upcoming Budget Discussions
The detailed budget discussions and voting are scheduled for August 6. These sessions will be pivotal in finalizing the financial plans for the upcoming year and shaping Sikkim’s future economic landscape.
Chief Minister PS Tamang’s budget presentation for 2024-25 marks a significant milestone in Sikkim’s journey toward sustainable growth and development. With strategic investments and robust financial management, the state is poised for continued progress and prosperity.
For more details, visit the Sikkim Legislative Assembly website.
