Jharkhand to sustain Maiya Yojana without loans, cites surplus budget

Mail News Service

Ranchi, Dec 2: The Jharkhand government has confirmed that the Maiya scheme will continue without relying on loans, thanks to the state’s robust financial management and consistent surplus budgets. Finance Department officials have refuted allegations of borrowing funds to distribute freebies, emphasizing the government’s self-reliant approach.

“Jharkhand has not taken any loans in recent years. Our treasury is well-managed, and we have consistently maintained a surplus budget. The Maiya scheme will be funded entirely from state resources,” an official from the Finance Department stated.

In the last financial year, the state recorded a surplus budget of Rs. 12,000 crore, marking the third consecutive year of financial stability. The government attributes this achievement to comprehensive financial reforms undertaken over the past four to five years.

One major reform was halting high-interest loans and opting for low-interest funding from open markets. This strategy, combined with disciplined expenditure, has helped the state eliminate debts amounting to Rs. 15,000 crore over three years. Former Finance Minister Dr. Rameshwar Oraon had earlier praised these efforts for strengthening the state’s fiscal position.

Chief Minister Hemant Soren emphasized the importance of utilizing internal resources for welfare schemes. “The Maiya scheme reflects our commitment to the people. With a surplus budget and effective financial planning, there is no crisis. We are ensuring sustainable development without burdening future generations with debt,” he said.

The government initially estimated a Rs. 10,000 crore expenditure for the Maiya scheme. However, with surplus funds exceeding this requirement, officials confirmed that the scheme’s continuity is secure. “Our financial reforms have positioned us to operate independently, even during potential crises,” an official added.

The surplus funds will not only sustain the scheme but also provide a buffer for unforeseen challenges. Stakeholders view this as a testament to Jharkhand’s fiscal prudence and its ability to balance welfare initiatives with economic stability.

The state’s proactive financial management and focus on long-term reforms have set an example of effective governance, enabling ambitious projects like the Maiya scheme to thrive without external borrowing.