CURRENT AFFAIRS

Detailed explanation-1: -Tarkishore Prasad, presented the Budget for the state for the financial year 2022-23 on February 28, 2022. The Gross State Domestic Product (GSDP) of Bihar for 2022-23 (at current prices) is projected to be Rs 7, 45, 310 crore. This is a growth of 9.7% over the revised estimate of GSDP for 2021-22 (Rs 6, 79, 473 crore).

Detailed explanation-2: -The Finance Minister of Bihar Mr. Tarakishore Prasad presented the Budget for Bihar for the financial year 2022-23. The 2022-23 budget amount is Rs 2, 37, 691.19 crore (more than Rs. 19, 388.19 crores of FY 2021-22) which makes it the biggest budget in the history of Bihar.

Detailed explanation-3: -Devolution: In 2021-22, receipts from the state’s share in central taxes are estimated to be Rs 91, 181 crore, an annual increase of 20% over 2019-20. However, as per estimates under the Union Budget 2021-22, Bihar will receive Rs 66, 942 crore as devolution in 2021-22 (27% less than the estimate under the state budget).

Detailed explanation-4: -It is largely service-based, with a significant share of agricultural and industrial sectors. The GDP of the state was ₹7, 45, 310 crores (US$94 billion) at the current market price (2022–23).