In Ranchi, Jharkhand's chief minister presented the state budget for the 2026-27 fiscal year, totaling Rs 1.58 lakh crore. This budget prioritizes inclusive growth and development for all sections of society, with a significant allocation of Rs 67,460 crore for the social sector, aimed at supporting the poor, women, and other vulnerable groups.
The Jharkhand government, led by the JMM, had previously presented a budget of Rs 1.45 lakh crore for the 2025-26 fiscal year.
"I am presenting a budget of Rs 1,58,560 crore for the 2026-27 fiscal year, which represents a 9 per cent increase compared to the current fiscal," said Finance Minister Radhakrishna Kishore. "This budget will bring prosperity to the people of Jharkhand and alleviate the hardships faced by the poor."
Kishore emphasized that the budget aims to meet the needs of all segments of society, including the poor, farmers, tribal communities, and women.
He further detailed the budgetary allocation, stating that Rs 32,055.83 crore would be allocated to the general sector, Rs 67,459.54 crore to the social sector, and Rs 59,044.63 crore to the economic sector.
Kishore also announced the introduction of the "Mahila Khushhali Yojna," a scheme specifically designed to support women engaged in agricultural activities, with a budget of Rs 25 crore. He also mentioned the planned establishment of 100 new CM schools of excellence.
Kishore highlighted Jharkhand's rich mineral resources, religious sites like the Baba Baidyanath temple in Deoghar, and popular tourist destinations such as Netarhat. He affirmed the state government's commitment to inclusive growth and development for all citizens.
Despite facing opposition, Kishore stated that the government would continue its efforts to develop the state.
Kishore accused the central government of providing inadequate financial assistance to Jharkhand, specifically citing the lack of central tax revenue and grants-in-aid.
He also criticized the Union government for failing to clear outstanding dues amounting to Rs 1.36 lakh crore related to coal mining by central public sector undertakings.
Kishore presented the proposed revenue expenditure at Rs 1.20 lakh crore, a 9.2 per cent increase over the previous year, and a capital expenditure of Rs 37,708 crore, representing an 8.5 per cent increase.
He stated that the state is projected to receive Rs 46,000 crore from its own tax revenue and Rs 20,700 crore from non-tax revenue.
In addition to grants-in-aid, Jharkhand's share in central taxes is estimated at Rs 51,236.38 crore, bringing the total to Rs 18,273.66 crore.
Kishore indicated that the fiscal deficit for the 2026-27 fiscal year is estimated at Rs 13,595.96 crore, which represents 2.18 per cent of the projected Gross State Domestic Product (GSDP).
Kishore further stated that Jharkhand's GSDP in the 2024-25 fiscal year, at current prices, was approximately Rs 5.16 lakh crore, and the government aims to double this figure within the next five years.
He explained that achieving around 14 per cent growth at current prices would correspond to a growth rate of approximately 9-10 per cent at constant prices.
Kishore projected a growth rate of 10.03 per cent for the next fiscal at current prices. In the post-COVID period (2021-22 to 2025-26), the state's GSDP grew at an average annual rate of 14.1 per cent.
He noted that between 2011-12 and 2024-25, the state's GSDP at current prices has grown at an average annual rate of 9.9 per cent. This growth was affected by factors such as a weak monsoon in 2015-16, an economic slowdown in 2019-20, and the COVID-19 pandemic in 2020-21.
Kishore outlined development projects, including the establishment of a Dr Bhimrao Ambedkar University at the Chatra district headquarters to boost higher and technical education, and the setting up of job-oriented colleges. He announced the establishment of 12 colleges in seven districts as the first phase.
He also announced a budgetary provision of Rs 14,066 crore for financial assistance to women under the "Maiya Samman Yojana," providing Rs 2,500 per month.
Kishore mentioned that Jharkhand has received investment proposals worth Rs 1.24 lakh crore through the World Economic Forum (WEF) platform, which is expected to create employment for 45,000 in sectors such as steel, energy, manufacturing, and infrastructure.
