Haryana budget proposes 3 dedicated development funds

CHANDIGARH: The Government of Haryana presented a Rs 1.77 lakh crore budget for 2022-23 on Tuesday, March 8. The budget document stated setting up of three dedicated funds to achieve fiscal consolidation by unlocking the economic potential in various sectors to open fiscal space. The three dedicated funds include Climate & Sustainable Development Fund; Research & Innovation Fund; and Venture Capital Fund.

The Climate & Sustainable Development Fund is being set up to achieve green development objectives. It will undertake targeted activities such as solid and liquid waste management, controlling water and air pollution, eliminate stubble burning, recycle plastic and undertake circular economic activities among others. The Research & Innovation Fund has been established to support scientific activities and scholarships in universities and other educational institutions, as well as economic enterprises in the public and private sectors. This will help in connecting science and scholarship to decision-making, investment, and leverage growth. The Venture Capitalist Fund will promote entrepreneurship and assist youth in establishing start-ups in terms of financial assistance as well as developing market linkages.

Among other announcements made during the budget speech, Chief Minister of Haryana Manohar Lal Khattar announced that the Pinjore garden will be revamped and a sound and light show and Bhakti Music festival shall be organised for Surajkund Crafts Mela. He also announced initiation of project estimated at Rs 52 crore for the development of Adi Badri temples and facilities for the pilgrims.

The state government announced other initiatives in the budget to push sustainable and inclusive development. Eco-tourism policy is to be stated to promote and develop eco-tourism facilities in the state. From Kalka to Kalesar, a 150-kilometer nature trail will be built. Moreover, women from families whose annual income is less than Rs 5 lakh and who wish to become entrepreneurs in any enterprise, trade or business, will be provided with access to soft loans by financial institutions to the extent of Rs 3 lakh. For this loan programme, interest subvention of 7 per cent will be provided for three years through the Haryana Women Development Corporation.