On March 16, 2023, the Finance minister of Andhra Pradesh (AP) Buggana Rajendranath presented the annual budget for the financial year 2023-2024(FY24) with a financial outlay of Rs 2,79,279 crore in the state Assembly in Amaravati, AP. He presented the annual Budget for the 5th time in a row.
- The maximum share of allocations went to welfare schemes being implemented under the Navaratnas.
- The FY23 budget was Rs 2.56 lakh crore.
Fiscal Parameters:
i.Revenue expenditure- Rs 2,28,540 crore
ii.Capital expenditure- Rs 31,061 crore
iii.Revenue Deficit- Rs 22,316 crore
iv.Fiscal Deficit- Rs 54,587 crore
v.The fiscal deficit would be 3.77% of Gross State Domestic Product (GSDP), while the revenue deficit would be 1.54% of GSDP.
Highlights:
i.Rs 54,228 crore has been allocated for Direct Benefit Schemes (DBT), an 11% increase from the previous year’s Rs 48,668 crore. A total of 22 schemes are covered under the DBT category and the majority of them saw an increase in the budget allocation.
ii.Rs 15,882 crore has been earmarked for Health & Family Welfare, Price Stabilisation Fund (Rs 3,000), Manabadi Nadu-Nedu (Rs 3,500 crore) and Panchayati Raj & Rural Development (Rs 15,873 crore).
iii.Rs 9,381 crore allocated for the Municipal Administration & Urban Development, Scheduled Castes Component (Rs 20,005 crore), Scheduled Tribes Component (Rs 6,929 crore) and Backward Classes Component (Rs 38,605 crore).
iv.Under welfare for communities, Rs 4,887 crore for Kapu welfare and minority welfare (Rs 4,203 crore).
v.Housing for Poor was allotted Rs 5,600 crore, Roads & Buildings department (Rs 9,118 crore), Irrigation (Rs 11,908 crore), Energy (Rs 6,456 crore), and Village and Ward Secretariats (Rs 3,858 crore), among others.
vi.Other key allocations include Amma Vadi (Rs 6,500 crore); Mana Badi Nadu Nedu (Rs 3,500 crore); YSR Bima (Rs 372 crore); among others.
vii. Rs 3,606 crore budgeted for industries and commerce.
Key Points:
Agriculture:
i.Rs 1,212 crore has been allocated for agricultural mechanization and Rs 125 crores for fisher’s insurance in the budget for 2023-24.
ii.Rs 500 crore is assigned for interest free loans to farmers and YSR Rythu Barosa was given Rs 4,020 crore.
Skill development and Education:
i.Rs 1,166 crore is allocated for skill development and Rs 6,500 crores were allocated for the Amma Vodi Scheme. Jagananna Vidya Dievena was allocated Rs 2,841.64 whereas Jaganna vasati devana was given Rs 2,200 crore.
ii.Rs 29,690 crore is allocated for the secondary education sector.
Others:
i.Rs 15,882 crore was allocated to the medical and health department.
ii.Rs 15,873 crore was allocated for Panchayatraj department and Rs 9,000 crore was allocated for municipal and urban development.
iii.Rs 9,118 crore was assigned to the Roads and building department.
iv.Rs 1,000 crore is set to be assigned for interest-free loans to the self-help groups.
v.Rs 1,600 crore is assigned to YSR-PM Insurance Yojna, YSR Pension gift was given Rs 21,434 crores and social security pensions received an allocation of Rs 21,434.72 crore.
Recent Related News:
i.Chief Minister (CM) of Andhra Pradesh, YS Jagan Mohan Reddy, stated that Visakhapatnam will be declared as the new capital of Andhra Pradesh during the International Diplomatic Alliance Meet, a curtain-raiser event for the Global Investors Summit, held in New Delhi, Delhi.
ii.On February 23, 2023, Chief Minister of Haryana Manohar Lal Khattar presented a tax-free state budget for financial year 2023-24 (FY24) with an outlay of Rs 1,83,950 crore, an increase of 11.6% from FY23 Budget of Rs 1,64,808 crore.
About Andhra Pradesh (AP):
Chief Minister– YS Jagan Mohan Reddy
Governor– S. Abdul Nazeer
WildLife Sanctuary– Kambalakonda WildLife Sanctuary
