The Haryana government, under the leadership of Chief Minister Nayab Singh Saini, has presented its budget for the 2025-26 financial year with a total outlay of ₹2.05 lakh crore. This represents an 8% increase over the previous budget of ₹1.89 lakh crore for 2024-25. However, the revised estimate for 2024-25 was brought down to ₹1.80 lakh crore, highlighting fiscal constraints.
1. Capital Expenditure: A Declining Trend
One of the most concerning aspects of the budget is the decline in capital expenditure. For 2025-26, capital expenditure has been estimated at ₹16,164.11 crore, which is lower than the previous year’s estimate of ₹16,280.94 crore. However, the actual spending on asset creation in 2024-25 was only ₹12,752.52 crore. This decline in capital expenditure could impact long-term infrastructure growth and economic sustainability.
2. Women’s Welfare: The Lado Lakshmi Yojana
A key highlight of the budget is the Lado Lakshmi Yojana, aimed at empowering women by providing ₹2,100 per month in financial assistance. The state has allocated ₹5,000 crore for this initiative. However, the government is still working on exclusion criteria to ensure that only eligible beneficiaries receive aid. Women in government jobs and those receiving pensions may be excluded from this scheme.
3. Revenue Deficit and Debt Liabilities
- Revenue Deficit: Estimated at ₹20,599.75 crore (1.53% of GSDP).
- Fiscal Deficit: Estimated at ₹35,994.66 crore (2.67% of GSDP), adhering to the FRBM Act limit of 3%.
- Debt Liability: Expected to increase from ₹3,17,257.48 crore (March 31, 2025) to ₹3,52,818.70 crore (March 31, 2026), constituting 26.18% of the GSDP.
- Interest Payment: Set at ₹26,231.11 crore, which accounts for 20.52% of total revenue receipts.
4. Department of Future and AI Mission
To make Haryana future-ready, the government has proposed the establishment of a Department of Future, aimed at anticipating economic and governance challenges.
Additionally, the Haryana AI Mission will be launched with an initial World Bank funding of ₹474 crore. This initiative will focus on:
- Establishing AI hubs in Gurugram and Panchkula.
- Training over 50,000 youth and professionals in AI and emerging technologies.
5. Infrastructure and Development Initiatives
- Smart Roads: One 4-5 km road in each city and 10-15 km road in each district will be upgraded to smart roads.
- MLA Development Fund: Each MLA will receive ₹5 crore for constituency development, disbursed in three installments.
Conclusion
The 2025-26 Haryana budget reflects a strong focus on women’s empowerment, AI, and future governance. However, the dip in capital expenditure, rising debt, and fiscal deficit remain concerns. The success of initiatives like Lado Lakshmi Yojana and AI Mission will depend on effective implementation and fund allocation. The budget strikes a balance between welfare and fiscal prudence, but long-term economic growth requires a stronger emphasis on infrastructure and revenue generation.
