On February 6, 2023, the Finance Minister of Telangana, Thaneeru Harish Rao, presented the tax-free State Budget worth Rs 2.90 lakh crore for next financial year (FY) 2023-24 while giving priority to infrastructure development and public welfare in the latest budget.
Fiscal Parameters Projections:
i.Revenue Expenditure- Rs 2,11,685 crore
ii.Capital Expenditure- Rs 37,525 crore
iii.Revenue Surplus- Rs 4,881 crore
iv.Fiscal Deficit- Rs 38,234 crore
v.Primary Deficit- Rs 15,827 crore
vi.Revenue Receipts- Rs 2.16 lakh crore
Key Points:
i.The revenue receipts for FY24 are close to Rs 40,000 crore higher than the FY23 revised estimates at Rs 1.75 lakh crore.
ii.Tax revenue for FY24 is projected at Rs 1.31 lakh crore against the Rs 1.1 lakh crore in FY23.
iii.Non-tax revenue is expected to be Rs 22,808 crore, around Rs 6,500 crore higher than the FY23’s Rs 15,291 crore.
iv.The State’s share of central taxes for the FY24 grew marginally from Rs 19,668 crore in FY23 to Rs 21,470 crore.
v.A provision of Rs 22,407 crore for Interest payment burden has been made for FY24, around Rs 3,500 crore higher than the Rs. 18,911 crore of FY23.
vi.Open market borrowings for the year FY24 pegged to Rs 40,615 crore.
vii.Loans from the Central Government for FY24 had been pegged at Rs 4,102 crore and other loans are estimated at Rs 1,500 crore.
viii.The Government is anticipating reimbursement of Rs 17,828 crore towards power dues pending from Andhra Pradesh by the Central Government.
Others:
i.The State Government has made provision of Rs 6,375 crore towards waiver of farm loans upto Rs 90,000 in FY24.
ii. Rs 2,500 crore were allotted to maintenance of Roads and Buildings roads, and Rs 2,000 crore budgeted for maintenance of Panchayat Raj roads.
iii.The highest allocation of Rs 31,426 crore will be for Panchayat Raj and Rural Development departments.
iv.Around Rs 1,000 crore have been set aside towards new recruitments in different government departments.
v.For the State government’s flagship programme of Dalit Bandhu, Rs 12,980 crore sanctioned to ensure benefit for 1,100 beneficiaries per each of the 118 constituencies in the State in FY24.
vi.Around Rs 7,890 crore have been allocated for construction of double bedroom houses for the benefit of 2,000 eligible persons per each of 119 constituencies in the State.
vii.Around Rs 26,831 crore allocated for the Agriculture department, Rs 2,071 crore for Animal Husbandry and Fisheries department.
viii.Rs 15,075 crore assigned for Rythu Bandhu, Rs 1,589 crore towards Rythu Bima insurance and increased the farm loan waiver scheme amount from Rs 4,000 crore in 2022-23 to Rs 6,385 crore in 2023-24.
ix.A total Rs 26,885 crore were sanctioned to the Irrigation department.
x.Rs 49,749 crore allocated towards salaries, pensions and other expenditure at its disposal.
Recent Related News:
i.Hyderabad (Telangana)-based Goldsikka Pvt Ltd has set up India’s 1st Gold Automated teller machine (ATM) and started its operations in the city at Raghupathi Chambers in Begumpet, Hyderabad. Gold ATMs will be available for 24 hours.
ii.The Telangana Government has signed a Memorandum of Understanding (MoU) with Coinbase Inc., an American based trading company to jointly build a strong Web 3.0 community in Telangana.
About Telangana:
Capital– Hyderabad
Chief Minister– Kalvakuntla Chandrashekar Rao
Governor– Tamilisai Soundararajan
