Madhya Pradesh State Budget 2023-24 Analysis
Revised EstimateTotal expenditure, revenue receipts, fiscal deficit, and department-wise allocation for Madhya Pradesh FY 2023-24
Madhya Pradesh State Budget 2023-24 Budget at a Glance
Total Receipts
Rs 2.32 lakh crore
(excl. borrowings)
Total Expenditure
Rs 3 lakh crore
Fiscal Deficit
3.6%
Rs 54,449 crore
Capital Expenditure
Rs 67,178 crore
Tax Revenue
Rs 87,545 crore
Net to Centre
Interest Payments
Rs 25,000 crore
8% of expenditure
Madhya Pradesh Revenue Receipts 2023-24
Own tax revenue vs non-tax revenue breakdown
Madhya Pradesh Expenditure Breakdown 2023-24
Revenue vs Capital spending and department allocation
Revenue vs Capital Split
Top 10 Departments by Allocation
Fiscal Deficit as % of GSDP â Madhya Pradesh 2023-24
The fiscal deficit for Madhya Pradesh in 2023-24 is 3.6% of GSDP (Rs 54,449 crore), reflecting the state's borrowing needs to fund development programmes.
States are expected to maintain fiscal deficit within 3% of GSDP as per the FRBM Act. Madhya Pradesh's deficit is above this threshold, driven by higher capital spending needs.
Interest payments at Rs 25,000 crore consume 8.3% of total expenditure.
Madhya Pradesh State Budget 2023-24 â Receipts & Expenditure Summary
| Particulars | Amount | % of Total |
|---|---|---|
| A. Total Receipts | Rs 3 lakh crore | 100% |
| 1. Revenue Receipts | Rs 2.32 lakh crore | 77.3% |
| a. Own Tax Revenue | Rs 87,545 crore | 29.2% |
| b. Non-Tax Revenue | Rs 17,301 crore | 5.8% |
| B. Total Expenditure | Rs 3 lakh crore | 100% |
| 1. Revenue Expenditure | Rs 2.31 lakh crore | 77.1% |
| 2. Capital Expenditure | Rs 67,178 crore | 22.4% |
| of which: Interest Payments | Rs 25,000 crore | 8.3% |
| C. Fiscal Deficit | Rs 54,449 crore | 3.6% of GSDP |
Source: Madhya Pradesh State Budget Documents via PRS India. All figures in Indian Rupees.
Madhya Pradesh Department-wise Expenditure 2023-24
Top departments by allocation in Madhya Pradesh for 2023-24
| Department â | Revenue â | Capital â | Total â | Share |
|---|---|---|---|---|
1. Education | Rs 38,000 crore | Rs 5,000 crore | Rs 43,000 crore | 14.3% |
2. Social Welfare & Nutrition | Rs 27,000 crore | Rs 3,500 crore | Rs 30,500 crore | 10.2% |
3. Energy | Rs 18,500 crore | Rs 3,500 crore | Rs 22,000 crore | 7.3% |
4. Agriculture & Allied | Rs 16,500 crore | Rs 3,500 crore | Rs 20,000 crore | 6.7% |
5. Health & Family Welfare | Rs 16,000 crore | Rs 3,500 crore | Rs 19,500 crore | 6.5% |
6. Rural Development | Rs 11,500 crore | Rs 2,000 crore | Rs 13,500 crore | 4.5% |
7. Water Resources & Irrigation | Rs 5,500 crore | Rs 7,500 crore | Rs 13,000 crore | 4.3% |
8. Police & Home | Rs 8,500 crore | Rs 900 crore | Rs 9,400 crore | 3.1% |
9. Water Supply & Sanitation | Rs 4,200 crore | Rs 5,000 crore | Rs 9,200 crore | 3.1% |
10. Transport & Roads | Rs 3,000 crore | Rs 5,800 crore | Rs 8,800 crore | 2.9% |
Madhya Pradesh Budget 2023-24 Analysis & Highlights
Key Highlights
- Madhya Pradesh's total expenditure in 2023-24 was budgeted at approximately Rs 3,14,000 crore, the last full-year budget presented by the Shivraj Singh Chouhan government before the November 2023 assembly elections.
- Revenue receipts were projected at Rs 2,42,000 crore, with own tax revenue targeting Rs 78,000 crore driven by robust GST collections.
- Agriculture allocation of Rs 42,000 crore maintained the state's focus as India's largest wheat and soybean producer, with Rs 8,000 crore for crop procurement.
- The Ladli Behna Yojana, providing Rs 1,000 per month to women aged 23-60, received Rs 8,000 crore allocation covering 1.25 crore beneficiaries.
- Education spending at Rs 38,000 crore targeted 1.2 lakh government schools with infrastructure upgrades and smart classroom installations.
- Health expenditure reached Rs 14,500 crore including expansion of Ayushman Bharat coverage to all state residents.
- Road construction received Rs 18,000 crore with focus on completing the Chambal Expressway and national highway upgrades.
- The tourism sector received Rs 3,800 crore for Khajuraho, Sanchi, and Pachmarhi circuit development and heritage site conservation.
- Power sector received Rs 22,000 crore as the state achieved near-universal household electrification under Saubhagya.
- Industrial incentive allocation of Rs 5,000 crore targeted automobile, pharmaceutical, and food processing investments.
- Urban development at Rs 12,000 crore included Bhopal Metro DPR completion and Indore Smart City Phase 2 projects.
- Tribal welfare spending at Rs 16,000 crore covered scholarship, housing, and livelihood programmes for the state's 21% tribal population.
- The state's GSDP growth was estimated at 7.2%, driven by services and agriculture, making MP one of India's faster-growing states.
- Fiscal deficit was targeted at 3.4% of GSDP, utilizing additional borrowing space linked to reform performance.
- The Narmada-Kshipra river linking project received Rs 1,200 crore for canal maintenance and water distribution infrastructure.
Compare Madhya Pradesh Budget â Recent Years
Year-over-year comparison of key fiscal metrics
| Metric | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 |
|---|---|---|---|---|---|
| Total Expenditure | â | â | â | â | Rs 3 lakh crore |
| Revenue Receipts | â | â | â | â | Rs 2.32 lakh crore |
| Capital Expenditure | â | â | â | â | Rs 67,178 crore |
| Fiscal Deficit (% GSDP) | â | â | â | â | 3.6% |
| Own Tax Revenue | â | â | â | â | Rs 87,545 crore |
Columns showing "â" will populate as more data is ingested. Data from official budget documents via PRS India.
Understanding Madhya Pradesh State Budget 2023-24
The Madhya Pradesh state budget is the annual financial plan presented in the state legislature. It covers all revenue receipts, expenditure allocations across departments, and fiscal deficit management. State budgets are critical because states handle key development areas including education, health, agriculture, and infrastructure.
Madhya Pradesh Revenue Sources
State revenue comes from three sources: own tax revenue (state GST, stamp duty, excise, vehicle tax), non-tax revenue (fees, fines, interest), and transfers from the Centre (share of central taxes as per Finance Commission recommendations, plus grants-in-aid for specific schemes).
Fiscal Deficit and State Borrowing
Under the FRBM framework, states target a fiscal deficit of 3% of GSDP. States can borrow from the market via State Development Loans (SDLs), and the central government also provides loans. The RBI manages the borrowing calendar for states to ensure orderly market conditions.
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Compare Madhya Pradesh with other states
Side-by-side comparison of fiscal metrics across Indian states