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The Aam Aadmi Party-led Punjab government on Friday presented its first Budget for the financial year 2023-24.
Punjab Finance Minister Harpal Singh Cheema tabled a Rs 1.96 lakh crore size state budget for 2023-24 in the Assembly, an increase of 26 per cent versus last year's figures. In 2022-23, Punjab's overall Budget size was Rs 1.55 lakh crore. Among major allocations, Rs 9,331 crore was earmarked for free power to farmers and Rs 3,133 crore for subsidized energy to industries. To provide financial assistance to over 33 lakhs elderly, widows and destitute women, orphan children and handicapped persons, a monetary provision of Rs 5,650 has been made in the Budget. Punjab, known for its agricultural sector, is likely to launch a new agriculture policy to conserve natural resources and increase farmers' income. An allocation of Rs 1,000 crore has been made for diversification in agriculture and procurement of Basmati rice, among others. Another Rs 125 crore has been made available for direct seeding of rice and procurement of Moong at minimum support price (MSP). Further, Rs 100 crore has been earmarked for the expansion of the milk procurement network. (ANI)
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