In February 2021, the Finance Minister presented the Vote on Account for the first quarter of the financial year, as the state was heading towards General Elections to its Legislative Assembly. Following the formation of a new government, a full budget was presented in July 2021. Below, a summary of the major highlights from the budget.
- Revenue and Expenditure:The Assam Government expects to spend Rs.1,07,556 crores in the year, against an estimated revenue of Rs. 1,07,318 crores.
- Borrowings:Rs.18,326 crores is expected to be raised through borrowings.
- Salaries, pensions, and interest:Assam will spend nearly 51% of its revenue (excluding borrowings) or approximately Rs. 45,708 crore on committed expenditure i.e. salaries, wages, pensions and principal payments and interest payments.
- Education gets the highest allocation of Rs. 17,540 crore (Rs.14,522 crore for school education and Rs.3018 crore for higher education.
- Rs. 11,046 crore will be spent on public debt repayment and servicing of debt in the current financial year, which is nearly 13% of the total revenue (excluding borrowings).