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Chandigarh, March 2: Haryana's Chief Minister Nayab Singh Saini has introduced a state budget of Rs 2.23 crore for the fiscal year 2026-27, marking a 10.28% increase from the revised estimate of Rs 2.02 crore for 2025-26. The budget aims to bolster the rural economy significantly.

Key Initiatives and Fiscal Projections

In his second budget presentation, CM Saini, who also oversees the Finance Department, projected a fiscal deficit of Rs 40,293.17 crore, which is 2.65% of the Gross Domestic Product (GDP). He noted that the revenue deficit is estimated at 0.87% of GDP, while the effective revenue deficit is pegged at 0.41%. The capital expenditure is set at 1.86%, with effective capital expenditure at 2.32%.

Wearing a Sikh turban, the Chief Minister stressed the importance of increasing capital investment to foster infrastructure development.

Investment in Infrastructure and Economic Goals

The proposed capital expenditure stands at Rs 28,205 crore, representing 12.6% of the total budget, while effective capital expenditure is estimated at Rs 35,216 crore, or 15.7% of the budget. This reflects an increase from Rs 27,650 crore in 2025-26, which constituted 13.6% of the total budget.

CM Saini emphasized Haryana's crucial role in India's economic landscape, setting an ambitious target for the state to achieve a one-trillion-dollar economy by 2047.

Historical Budget Utilization and Economic Growth

For the first time, 98% of the total budget was utilized in the previous financial year, according to the Chief Minister. He highlighted the state's improving economic condition, noting that Haryana now boasts the highest per capita income among major states. The per capita income has surged from Rs 1,47,382 in 2014-15 to Rs 3,24,958 in 2023-24 (provisional estimate), with projections for 2025-26 estimating it to rise to Rs 3,95,618.

He pointed out that the fiscal deficit has increased by 2.75% from 2014 to 2024, contrasting with a 44% rise during the previous administration.

Support for Agricultural Societies and Community Engagement

The budget includes provisions for primary agricultural credit societies, with the aim of making 300 out of 804 societies profitable by diversifying their operations to include petrol pumps.

Additionally, Gram Sabha meetings will now focus on six key issues: development, de-addiction, drinking water, sanitation, solid waste management, and maintenance inspections. MLAs will be allowed to participate in these grassroots discussions.

New Power Distribution Company and Industrial Support

The newly established Haryana Agri DISCOM will manage 5,084 agricultural feeders, ensuring reliable power supply for 7.12 lakh consumers and facilitating tubewell connections for farmers. The existing electricity distribution companies are Uttar Haryana Bijli Vitran Nigam (HBVN) and Dakshin Haryana Bijli Vitran Nigam (DHBVN).

For industrialists, the budget proposes a special fund of Rs 500 crore named ‘Saksham’ aimed at enhancing infrastructure in targeted cities, promoting industrial activities, and strengthening the local economy.