The Yogi Adityanath government budget targets 10% growth over the next five years, focusing exclusively on farmers and the rural population. The targeted growth is well above India’s projected growth – 7.2% for 2017-18, according to the IMF.
The Rs 3.84 lakh crore budget – 10.9% bigger than the previous one – provides Rs 36,000 crore for the farm loan waiver scheme announced by the CM just after taking charge. The government claimed it could arrange funds by checking extravagance and without compromising fiscal discipline. The state finance minister Rajesh Agarwal said the CM had a long-term vision for the development of the state with an eye on the welfare of the poor, women, weaker sections, farmers, and overall progress of the state.
“The chief minister has shown his steely determination in fulfilling the BJP’s promise of waiving crop loans of small and marginal farmers and has sanctioned Rs 36,000 crore that will be given to banks to redeem the farmers’ debt,” Agarwal said. It is to be noted that an overdrive to make provisions for farmers and the rural sector and the pressure to fund the loan waiver scheme has led to the government dropping many welfare schemes.
Notably, there is no mention of the Purvanchal Expressway in the budget though the BJP government has endorsed the project through a Cabinet decision. The government claimed it had introduced new schemes worth Rs 55,000 crore, but Rs 36,000 crore out of this amount is for farmers’ debt redemption; that leaves the government with Rs 19,000 crore for new schemes.
Claiming that the budget will be UP turning point, Yogi said, “Results of the budgetary provisions will start showing in the state’s development very soon.”