Unmindful of the Corona adverse impact on state revenues which has just recovered in recent times, Telangana government today came to fore with a staggering Rs 2,30,825.96 cr for 2021-22 financial year in the state legislative Assembly here.
The budget has 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 per cent which is better compared to negative growth at national level at 3.8 per cent.
While the budget shows the revenue expenditure that is pegged at Rs 1.69 lakh cr the finance minister come up with a proposed a 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 Minster, T Harish Rao today presented an unusual staggering budget of Rs 2,30,825.96 cr for 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 Minster has claimed that with proactive plan of chief minister K Chandrasekhar Rao the state is treading on growth path and the revenues recovered significantly. The plans of the chief minister yielded expected results of 1.3 per cent growth in GSDP collections, Rao said. He informed the house that despite adverse impact of corona pandemic the state is reeling back on growth path.
Thus the state is coming up with a huge budgetary proposals, the finance minister said. The Finance minister stated that the primary sector comprising Agriculture, and allied sectors registered a positive growth at 17.7 percent in the state. Similarly Harish Rao said that the secondary and service sectors has 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 growth path with 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 corona affect while the Centre shown a negative growth of 3.8 GDP (Gross Domestic Product) percent.
Rao said that the TRS government under able leadership of the chief minister K Chandrasekhar rao gives top priority for 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 growth trajectory.
Harish allocated big amounts such as – Rs 14,800 cr for the flagship Rythu Bnadhu, 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 welfare of the farmers, women, and give impetus to education and health sectors to provide equal opportunities and more facilities, the minister claimed.
After presentation of the budget the house was adjourned for March 20 by offering a holiday on 19 to enable the members go through the allocations made sector wise.
State presents Rs 2.30 lakh cr huge budget for 2021-22 fiscal ; Harish says welfare, development key
