Unmindful of the Corona adverse impact on state revenues which has just recovered in recent times, the Telangana government today came to the fore with a staggering Rs 2,30,825.96 cr for the 2021-22 financial year in the state legislative assembly here.
The budget has a Rs 6743 cr revenue surplus in the present fiscal as the finance minister paints a rosy picture of a positive rise in GSDP at 1.3 percent which is better compared to negative growth at the national level at 3.8 percent.
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While the budget shows the revenue expenditure that is pegged at Rs 1.69 lakh cr the finance minister come up with a proposed capital expenditure of Rs 29,046.77 cr. Harish Rao presented the budget with a fiscal deficit of Rs 45,509.60 cr for the present budget.
Telangana Finance Minister, T Harish Rao today presented an unusual staggering budget of Rs 2,30,825.96 cr for the 2021-22 financial year. This is the huge budget presented amid Corona pandemic adverse effects unleashing a huge loss of revenues of about Rs 1 lakh cr including Rs 52000 cr revenue loss since one year.
The Finance Minister has claimed that with the proactive plan of chief minister K Chandrasekhar Rao the state is treading on the growth path and the revenues recovered significantly. The plans of the chief minister yielded expected results of 1.3 percent growth in GSDP collections, Rao said. He informed the house that despite the adverse impact of the corona pandemic the state is reeling back on a growth path.
Thus the state is coming up with a huge budgetary proposal, the finance minister said. The Finance minister stated that the primary sector comprising Agriculture, and allied sectors registered positive growth at 17.7 percent in the state. Similarly, Harish Rao said that the secondary and service sectors have suffered a setback of negative growth which pegs at 5.2 and 1.9 percent respectively. However, with more growth in the revenues coupled with a fiscal discipline, we plan to put the state on a growth path with the progressive plan he said.
The finance minister claimed that Telangana state has shown a positive growth of 1.3 percent GSDP (Gross State Domestic Product) despite the corona effect while the Centre showed a negative growth of 3.8 GDP (Gross Domestic Product) percent.
Rao said that the TRS government under the able leadership of the chief minister K Chandrasekhar Rao gives top priority to the welfare and continuous development of the state. The budgetary allocations to several sectors like agriculture, irrigation welfare, and other key sectors definitely prove our commitment for welfare, development, and completion of irrigation projects, he remarked.
The finance minister hoped that the state which is gradually and steadily recovering from the covid-19 pandemic adverse impact is moving fast on a growth trajectory.
Harish allocated big amounts such as – Rs 14,800 cr for the flagship Rythu Bandhu, Rs 5225 cr for loan waiver, Rs 16931 cr for irrigation, Rs 11728 cr for Aasra pensions, and Rs 12,304 cr special funds for SC, ST categories each.
He announced that the irrigation projects will complete in time as planned and Palamur-Ranga Reddy lift scheme will soon be commissioned. Our efforts will continue for the welfare of the farmers, women, and give impetus to education and health sectors to provide equal opportunities and more facilities, the minister claimed.
After the presentation of the budget, the house was adjourned for March 20 by offering a holiday on 19 to enable the members to go through the allocations made sector-wise.