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Budget 2025-26: Key Announcements and Fiscal Themes
The Rajasthan Budget 2025-26 was presented by Deputy CM (Finance) Diya Kumari on 19 February 2025. Major fiscal and scheme announcements of direct relevance to fiscal management:
Revenue Mobilisation Measures
- Revision of circle rates for property registration to capture rising real estate values, targeting increased Stamps & Registration revenue
- Rationalization of State Excise policy to improve compliance and revenue yield
- Mining lease renewal and auction revenue (new auctions under MMDR Amendment 2021 provisions)
Major Scheme Allocations with Fiscal Implication
| Scheme | Budget Allocation 2025-26 | Fiscal Impact |
|---|---|---|
| Rajasthan Vishwakarma Yuva Udyami Protsahan Yojana (VYUPY) | ₹150 crore corpus fund | Interest subsidy: 8-9%; new revenue expenditure commitment |
| Mukhyamantri Kisan Samman Nidhi | ~₹717-750 crore/installment | DBT to 72-74 lakh farmers; ₹3,000/year additional state transfer |
| Lado Protsahan Yojana | ₹7.50 crore (Rajasthan Diwas) | ₹1,50,000/girl through lifecycle saving bonds |
| LPG Subsidy | ₹200 crore (transferred 30 March 2025) | To 1.10 crore families |
| Rajasthan Millets Promotion Mission | ₹40 crore (annual) | Supports farmers, food processing; Agriculture 2.0 framework |
| Mukhyamantri Yuva Swarojgar Yojana | Not separately quantified | 100% interest subsidy; target 1 lakh entrepreneurs/year |
Source: Rajasthan Budget 2025-26; Rajasthan Economic Review 2025-26, Chapter 1
Viksit Rajasthan Fiscal Roadmap
The 2025-26 budget positions itself within the Viksit Rajasthan 2047 framework (See Topic #31). Fiscal implications:
- $350 billion economy by 2029 requires sustained 12-15% nominal GSDP growth — only achievable with significant private investment mobilisation (Rising Rajasthan Summit MoUs: ₹35 lakh crore)
- Capital expenditure push: CAPEX increased 34.6% in 2023-24; the budget continues this trajectory targeting infrastructure creation
- Revenue mobilisation strategy: World Bank SPFM project (US$31 million) aims to improve fiscal management systems, public procurement efficiency, and tax administration
The SPFM (Strengthening Public Financial Management) project specifically targets:
- Treasury Single Account implementation for cash management
- Improvement in tax administration (especially property tax in ULBs)
- Public procurement reforms under GF&AR (General Financial and Accounts Rules)
- Medium-Term Expenditure Framework (MTEF) development