Madhya Pradesh Assembly Elections 2023: BJP, Congress woo voters with poll promises amid rising financial burden on state exchequer

Madhya Pradesh Assembly Polls 2023: The upcoming Madhya Pradesh Legislative Assembly election is scheduled to take place in November this year. The current tenure, which began on January 7, 2019, will end on January 6, 2024. As the election draws near, political parties are out making promises to woo voters in the state and secure more votes.

For the voters, selecting a party has become a challenging task due to the array of schemes and promises offered by both the Bharatiya Janata Party (BJP) and the Indian National Congress (INC). These promises range from employment opportunities, infrastructure improvements, better healthcare facilities, and educational reforms. Both parties are focusing on resolving critical issues such as farmer distress, women's safety, and youth empowerment. As voters weigh their options, they will need to carefully assess which party's vision aligns best with their priorities and aspirations for the state's progress.

Madhya Pradesh Assembly Elections 2023: BJP's schemes and promises

The Shivraj Singh Chouhan government has recently launched the ‘Mukhyamantri Ladli Behna Yojna’ with a budget of Rs 8,000 crore, which promises a monthly allowance of Rs 1,000 to women. Furthermore, the Chief Minister has expressed intentions to increase this amount to Rs 3,000.

TRENDING NOW

The state government has also launched, ‘Mukhyamantri Seekho Kamao Yojna’ with a provision of Rs 1,000 crore, under which students will receive between Rs 8,000 to Rs 10,000 per month.

The chief minister had said that the BJP government in Madhya Pradesh has taken the decision to regularise all unauthorized colonies that have come up until December 31, 2022.

Madhya Pradesh Assembly Elections 2023: Congress' promises

Here's a look at some of the key schemes and programmes announced by the INC

100 units of free electricity, and bill to be halved for consumption up to 200 units
Offer a monthly allowance of Rs 1,500 to women, under Nari Samman Yojna.
Reinstate the Old Pension Scheme (OPS)
Ensure the availability of gas cylinders at a subsidised price of Rs 500
Waving off farmers loans
12 hours electricity per day for irrigation
Reduce the input cost of the farming process
No electricity bill on using motor pumps up to five horse power and the remaining electricity bill of farmers also waived off.
All the cases imposed against farmers during the protests will also be taken back

While supporters unquestionably benefit from these electoral promises, they may not be fully aware of the impact on the state government's financial budget, particularly in relation to the state's existing debt burden.
The state government presented an annual budget of Rs 2.79 lakh crore this year. However, the government's mounting debt stood at Rs 3.31 lakh crore — a 12 per cent increase over the past twelve months

These debt figures highlight the state's financial challenges and underscore the significance of prudent fiscal management. In fact, when considering the debt figures, it becomes apparent that every citizen of Madhya Pradesh carries a debt burden of approximately Rs 41,000. It is crucial for the electorate to be aware of these financial realities and consider the long-term implications when evaluating the promises put forth by political parties in this electoral contest.

According to Jagdish Dewda, Finance Minister of Madhya Pradesh, the state government borrows approximately Rs 76 crore as loan every day. From June 2022 to February 2023, they borrowed a total of Rs 16,000 crore. Out of this, Rs 4,000 crore each was borrowed in February 2023 and September 2022, making up half of the total loan in just these two months.

The interest rates on these loans vary between 7.46 per cent and 8.64 per cent. Most loans (Rs 2,000 crore) were taken on seven occasions, and Rs 1,000 crore was borrowed twice. The loans are due for repayment between 2032 and 2038.

In spite of this, the Shivraj government has borrowed money 11 times between January to June this year, and they now owe a total of Rs 29,000 crore. Recently, the state has taken another loan of Rs 4,000 crore from the Reserve Bank of India (RBI), taking their overall debt to Rs 29,000 crore. The government has plans to repay this loan over a period of 11 years.

Here's a list of borrowings of the MP govt between Jan 2023 and June 2023:

January 2023 - Rs 2,000 crore
February 2023 - Rs 12,000 crore
March 2023 - Rs 9,000 crore
May 2023 - Rs 2,000 crore
June 2023 - Rs 4,000 crore

Madhya Pradesh Assembly Elections 2023: BJP and Congress's blame game

"It's not about debt, it's about mind. When (former CM) Kamal Nath was in power, all the schemes were closed within 15 months, but when the BJP party returned to power, it launched schemes like Ladli Bahna Yojna," Ashish Agarwal, the media in-charge of BJP for the state of Madhya Pradesh, told Zeebiz.com.

"Managing the Budget is difficult for those who are corrupt, not for those who want to use the public's money for state welfare," Agrawal said.

"The loan taken by the BJP government has been taken as per the prescribed norms and rules." Agrawal said that.

Madhya Pradesh Congress spokesperson Ram Pandey said the state government's debt will ultimately hurt the people as it will lead to a rise in prices and inflation.

"Budget management will not be possible (under current circumstances). These schemes are only to mislead the public. BJP has been taking loans for the past few months, and it will ultimately have to be repaid by the public. Due to this, inflation will lead to rise in prices of petrol, diesel and gas cylinders," Pandey told Zeebiz.com.

TAGS: