Wednesday, May, 14,2025

DECODING RAJ’S ‘FINANCIAL ROADMAP’

The Rajasthan Budget 2024- 25, unveiled by Deputy Chief Minister Diya Kumari, charts a roadmap for the state’s socio-economic progress. With a focus on infrastructure, agriculture, employment, and women empowerment, the budget reflects the government’s commitment to holistic development. The budget holds significance as it is aligned with the vision of the Center to prepare a roadmap for PM Modi’s vision of ‘Developed India’. It reflects a long-term vision for Rajasthan, emphasizing sustainable development over the coming decades.

KEY FOCUS AREAS AND TARGETS

Finance Minister Diya Kumari outlined 10 targets for Rajasthan to achieve by 2047. These targets include developing the state into an economy of $350 billion, focusing on basic facilities like water and roads, empowering farmer families, promoting MSMEs, heritage conservation, green initiatives for environmental protection, human resource development, health for all, ensuring a dignified life for the poor and deprived families, promoting good governance, and fostering urban-rural and regional development with planned strategies.

WOMEN EMPOWERMENT & YOUTH DEVELOPMENT INITIATIVES

The budget places a significant emphasis on women empowerment. Initiatives such as the Lakhpati Didi Yojna, offering loans at a 2.5% interest rate to self-help groups, opening new Anganwadis, Maa Badi centres, and constructing bio pink toilets for women all demonstrate a commitment to enhancing the status and wellbeing of women in Rajasthan.

Recognizing the importance of youth in shaping the future of the state and the country, the budget announces a new youth policy. It also includes plans for 4 lakh new recruitments over five years, generating more than 10 lakh employment opportunities, initiating new internship programs, and providing skill development training to over 1.50 lakh youth. These efforts align with PM Modi’s emphasis on empowering and engaging the youth, also reflecting the ‘Atal Udyam Yojana’ and support for startups and innovation.

GREEN ENERGY FOCUS

Solar Parks and Renewable Energy Adoption. With the establishment of two new solar parks and a gradual transition of government offices to solar energy, Rajasthan aims to emerge as a frontrunner in green energy adoption. Initiatives like local electricity connections for households and the installation of smart meters further reinforce the state’s commitment to sustainable energy practices. The plan to establish a Model Solar Village in every district, along with the installation of a 2 MW Decentralized Solar Plant, signifies the state’s commitment to renewable energy sources and environmental sustainability.

INFRASTRUCTURE AND WATER SUSTAINABILITY INITIATIVES

The budget earmarked substantial funds for the repair of 1,343 roads damaged by Cyclone Biparjoy, signaling the government’s commitment to infrastructure restoration and resilience. Additionally, plans were unveiled for the creation of a 13,500-kilometer road network in the state at a projected cost of Rs 60,000 crore over the next five years. Significant focus was placed on water-related initiatives, with the announcement of the Jal Jeevan Mission aimed at connecting 25 lakh rural households with tap water supply. The budget detailed six major drinking water projects, alongside comprehensive plans for the improvement of drinking water infrastructure in 183 cities of Rajasthan.

Infrastructure investment plays a vital role in driving economic growth and bolstering tax revenue through various channels. By enhancing connectivity and efficiency, infrastructure projects stimulate economic activity, expanding the tax base and increasing revenues from businesses and individuals. Additionally, infrastructure investments create job opportunities in sectors like construction and engineering, leading to higher personal income and subsequently boosting personal income tax collections. Furthermore, improved infrastructure can elevate property values in surrounding areas, resulting in higher property tax revenues for the government.

Moreover, infrastructure development attracts businesses, fostering commercial activity and generating higher corporate tax revenues. The amplification of economic activity triggered by infrastructure projects leads to increased consumption and production, contributing to elevated indirect tax revenues. Private sector involvement through PPPs in infrastructure projects can also contribute to enhanced tax revenue, particularly from corporate taxes. Overall, strategic infrastructure investment not only enhances economic growth but also strengthens tax revenue streams, positioning governments for fiscal stability and long-term prosperity.

CREATION OF FUND FOR TOURISM DEVELOPMENT

Recognizing the vital role of tourism in the state’s economy, with 20,000 families depending on it, the government has allocated Rs. 5,000 crore for tourism development for the next 5 years under, Rajasthan Tourism Infrastructure and Capacity Building Fund(RTICF). The investments will promote heritage, religious, and eco-tourism, with Rs. 200 crore allocated to enhance 20 tourism sites. The Rajasthan Heritage Conservation Board will develop archaeological and heritage sites. Allocations towards the redevelopment of cultural landmarks like the Khatu Shyam Mandir shrine signify the government’s recognition of the economic value associated with heritage conservation and tourism. Leveraging Rajasthan’s rich cultural heritage can drive tourism revenue, create employment in the hospitality sector, and enhance the state’s overall economic attractiveness.

DECODING STATE’S FISCAL POSITION AND WAY FORWARD

The fiscal position of Indian state government reveals an over-reliance on their own revenues, particularly from states’ own tax revenues (SOTR). Discrepancies between the actual and indicated growth of own taxes, devolution from the Centre to states, and a high degree of technical inefficiency in collection of state taxes are noted. Additionally, there has been a significant variation in grants between revised estimates and actual grants from the Centre to the states, leading to concerns about high debt issuance and low capital spending. There is a lack of uniformity in the motor vehicle tax structure across different states, which leads to interstate variations and outstanding arrears in revenue.

The suggestions to improve state finances include maintaining a balance between tax and non-tax revenues, prioritizing infusions of private investments to less developed states, implementing recommendations from the 12th and 15th Finance Commissions, rationalizing revenue deficits, harnessing royalty rates on minerals, and addressing concerns related to cess and surcharge.

In conclusion, there is a need for a multi-faceted approach to enhance revenue mobilization, fiscal management, and resource utilization. It calls for increased focus on boosting economic growth, reducing non-essential expenditures, and exploring innovative financing mechanisms. Moreover, greater coordination between the central and state government, alongside regular monitoring and evaluation of fiscal policies, is suggested to strengthen financial position and better serve the needs of citizens.

THE VIEWS EXPRESSED BY THE AUTHOR ARE PERSONAL

Prof. N.D. MATHUR The writer is Dean, Jaipur School of Economics, JECRC University, Jaipur & Sumant Kaushik The writer is Assistant Professor, School of Liberal Arts & Human Sciences AURO University, Surat

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Daily Astro

14-05-2025

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Aries

Ganesha says it will be an important day for you, Aries. Your energy and confidence are ready to take you to new heights. Today you will be able to express your thoughts with clarity, which will increase your communication skills. New opportunities may arise in the working areas, which you have to be ready to take advantage of. In social life, you can make new meetings, which will prove beneficial for you in the future. This day will be good for solving family issues, and you will be able to establish better relations with your close ones. In the field of health, take care of your routine and resort to yoga or meditation to relieve mental stress. Controlling your expenses will be a smart move, as any sudden financial need may arise. Overall, this day is for you to stay positive, just use your insight and energy properly.

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Pisces

Ganesha says it is going to be a positive day for you. Your sensitivity and intuition will flourish today, allowing you to establish better connections between yourself and others. It is time to connect with someone or refresh old memories. Try to communicate with people close to you, as it will strengthen your relationships. In the field of work, your creativity will be cyclical today. If you are working on a project, your ideas will be new and full of innovation. Do not be afraid to share your ideas, it will give you positive feedback from your colleagues. In terms of financial condition, avoid any big investments. Small expenses will prove to be justified but think well before making any big decisions for the long term. In terms of health, focus on a balanced diet and regular exercise. For mental health, practicing meditation or yoga will help keep you stress-free.

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Aquarius

Ganesha says new opportunities are likely to open up for you. You will be in a position to take your creative abilities to new heights. This is the time to share your ideas and make new plans. Your friends and family will support your ideas, so it will be beneficial to take their advice into account. Positive changes are possible in business. This is the right time to work on an important project. You will get an opportunity to use your skills and knowledge properly. But, be careful; in some cases, you will need to control your emotions. In personal life, relationships will deepen. You will try to spend more time with your loved ones. This is a good time for love and companionship. Enjoy emotional moments that will make your relationships stronger. Be health conscious. Dedication to yoga and meditation will give you mental peace. These activities will keep not only your body but also your mind active. Overall, today will be full of possibilities for you. Stay committed to your dreams and work on them.

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Capricorn

Ganesha says your day is full of some new possibilities. You will experience grace and stability in your actions. This is the time to focus on your goals and work with determination to pursue your plans. You are likely to get success in your work, especially if you maintain your hard work and dedication. Positive changes can also be seen in your relationships. You will get a chance to spend time with family and listen to them, which will increase mutual understanding and depth. Focus on communication, as it will make your relationships stronger. However, it is also time to make monthly plans. Take care of your financial matters and try to save. This is the time when you can take concrete steps for your future. Your health condition is likely to remain normal but take some rest. Maintaining a mental balance will be important for you. Stay positive and keep faith in your actions!

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Sagittarius

Ganesha says today will be full of new possibilities and positive energy for you. You will feel a rise in your confidence, which will keep you open to new opportunities. This is the right time to make an important decision. Your spirituality and intuition will be strong, which will enable you to understand and face difficulties. Spending time with friends and family will awaken a sense of happiness and satisfaction in your mind. Relationships with colleagues at work can take a new direction. Cooperation and communication will help solve problems. If you face an obstacle or challenge, remember that you can overcome it. In terms of health, you may need to make a little improvement in your routine. Regular exercise and a balanced diet will give you freshness and energy. Strengthening social relationships and contacting new people will also be beneficial today. This is the time for self-growth and positive change for you, so recognize the energy within you and use it properly.

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Scorpio

Ganesha says today will be full of enthusiasm and energy. You will move towards achieving your goals, and your hard work will pay off. Social life will also be active; you will get a good chance to spend time with friends and family. In terms of health, take a little caution. Focusing on meditation and exercise will help reduce mental stress. This is also a good time to take up a new hobby, which can unleash your creativity. Take wise steps in terms of money. Make informed decisions while investing. For potential financial gains, take a look at past projects again. Your career is showing good signs of progress. Your ideas may be appreciated at the workplace, which will increase your confidence. Still, some issues may require restraint. Overall, today will prove to be positive and auspicious for you. Spend it with pride with your loved ones.

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Libra

Ganesha says today will be a very auspicious and positive day. You will get a chance to clarify your thoughts, which will bring stability to your personal and professional relationships. Your communication skills will increase, and this will open the doors of new possibilities for you. Your creativity and aesthetic sense will be especially strong today. If you are associated with any art or design, your work will be appreciated. This is the right time to express your feelings. If you are confused about a decision, trust your intuition; it will show you the right path. In terms of health, small changes can make your life better. Focus on regular exercise and a balanced diet. In love and relationships, a new understanding will develop, which will strengthen the mutual bond even more. Overall, this day is a sign of positive changes and new beginnings for you. Stay focused on your goals and recognize your inner strengths.

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Virgo

Ganesha says today is a suitable day to highlight your cognitive abilities and business skills. Today, you will be full of clarity and precision in your actions, which will increase your value among your colleagues and superiors. There is a possibility of bringing some changes to your routine, which will bring positive results for you. This is a good time to improve relations with family members. Try to resolve any old disputes, and keep communication open. In terms of health, meditation and yoga will bring mental peace. Also, take some time out of your routine for exercise. From a financial point of view, this is the right time to make a good plan for the right investment. Take a good look at the options available to you and make a wise decision. Overall, today will prove to be a day of new possibilities and positive changes for you. Be full of confidence and stay focused on your goals.

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Leo

Ganesha says today will be a day full of energy and inspiration. Your confidence will increase and your thoughts will come out with clarity. On this day, you will be able to see some new possibilities in your career, which will bring you hard work. Mutual understanding and harmony will increase your relationship, which will create a happy atmosphere among the family. This is a great time to express your thoughts clearly, so do not hesitate to communicate with your partner or friends. It is important to be health conscious, a little exercise and meditation will maintain your mental and physical health. Overall, this day will bring activity and positivity for you, so make the most of all the opportunities!

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Cancer

Ganesha says it will be a day of information and communication for you. Your mind will be full of ideas and you will be able to express your ideas well. There is a possibility of some new opportunities in professional life, which can prove beneficial for you. It is a good time to strengthen relationships with your colleagues, so work together at the workplace. Your emotional state will also be strong. Time spent with family will give you satisfaction. If you have any old problem going on, then the right time is coming to solve it. However, you need to keep your emotions under control, so that you do not get agitated over small things. In terms of health, try to practice yoga and meditation. It will empower you both mentally and physically. Take informed decisions in financial matters; do not rush into any investments. In summary, this day will be all about communication and cooperation, which will lead to positive changes for you.

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Gemini

Ganesha says there will be a new energy and freshness in your thoughts, which will make your personality even more attractive. Social contacts are likely to increase, which will expand your network. You will be inspired to spend blissful time with your friends and family. Some positive changes can also be seen in the business sector. The results of your hard work will gradually start coming, and this will motivate you to move forward. Keep in mind that while sharing your ideology, work with empathy, this will strengthen your relationship with colleagues. It is important to be health conscious. A little attention and relaxation will give you mental freshness. Practicing yoga or meditation will be beneficial for you. This day will be full of positivity and new possibilities for you. Express your mind openly and do not hesitate to adopt new ideas.

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Taurus

Ganesha says it will prove to be a positive day for you, Taurus. You will feel energetic and full of confidence. The time has come to reap the fruits of your hard work and efforts. The workload may stress you for a while, but you will face all the challenges recognizing your strengths. Sweetness will also remain in your relationships. Spending time with your family and friends will be a source of joy for you. Conversation with someone special can give you a new vision and promote mutual understanding. A special occasion may be organized among friends or family, which will bring happiness and harmony to you. Moments spent with loved ones will give you mental peace. It is important to be health conscious. A little exercise or yoga will give peace to your mind and energy to your body. Your day will be full of happiness and positivity, just keep your thoughts and emotions balanced.

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14-05-2025