A Rs 559.91 crore (Rs 56 billion) deficit budget (2003-04) that proposes to generate Rs 170 crore (Rs 1.7 billion) additional resources through taxes was presented on Monday by Madhya Pradesh Finance Minister Ajay Narayan Mushran in the Assembly.   

Mushran said revenue receipts during 2003-04 were exepcted to be Rs 15,863.50 crore (Rs 158.63 billion), which would be Rs 1,685.34 crore (Rs 16.85 billion) more than the revised estimated revenue receipts in 2002-03.

A provision of Rs 12,400.40 crore (Rs 124 billion) had been made for non-Plan expenditure during 2003-04. That is Rs 892.02 crore (Rs 8.92 billion) more than the money available under this head for revised estimates in 2002-03.

Mushran said the financial year 2003-04 was expected to end with a deficit of Rs 115.25 crore (Rs 1.15 billion), but because of the deficit of Rs 444.66 crore (Rs 4.44 billion) of 2002-03, the next finacial year would end with a total deficit of Rs 559.91 crore (Rs 5.6 billion).

He said his tax proposals were expected to generate additional resources of Rs 170 crore (Rs 1.7 billion) and that the remaining deficit would be covered by austerity in expenditure and curbing non-plan expenditure. 

As per a Supreme Court decision, commercial taxes would be imposed on telephones to yield a sum of Rs 40 crore (Rs 400 million) each year.