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Telangana’s Finance minister Harish Rao presents 1.82 lakh crore budget for FY21

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On March 8, 2020, Telangana Finance Minister Thaneeru Harish Rao has presented Rs.1,82,914 Crore tax-free budget for the financial year (FY) 2020-21 in state assembly in Hyderabad.Here are highlights from the budget speech:

i.The state’s revenue expenditure are estimated to be Rs.1,38,669.82 crore and capital expenditure is to be at Rs.22,061.18 crore. It is estimated that surplus in Budget Estimates is pegged at Rs.4,482.12 crore, while the fiscal deficit is Rs.33,191.25 crore.

ii.On the recommendations of the 15th Finance Commission,the state’s share in central tax devolution reduced from 2.437 % to 2.133 % resulting in reduction of tax devolution by an amount of Rs 2,384 crore in 2020-21.

  • An outlay of Rs 14,000 crore has been allocated for ‘Rythu Bandhu’ scheme to provide investment support to farmers.
  • A provision of Rs 10, 000 crore allocated for Musi Purification and Musi River Front and other major projects in Hyderabad city.
  • An allocation of ₹ 6,225 crore for loan waiver, which was promised by TRS (Telangana Rashtra Samithi) led Government during election.
  • Municipal Administration Department was allocated ₹ 14,800 crore,the Panchayat Raj Department will get a share of ₹ 23,005 crore ,while the Home Department was allocated ₹ 5,852 crore.
  • The state Government’s Aasara pensions scheme was allocated an amount of ₹ 11,758 crore, that would soon see a reduction of age limit from the present 63 years to 57 to become eligible as beneficiaries.
  • An outlay of ₹ 16,534 crore allocated to Scheduled Castes Special Development Fund (SCSDF) and ₹ 9,771.27 crore for Scheduled Tribes Special Development Fund(STSDF).
  • Rs 11,000 crore fund has been allocated for housing scheme, where1 lakh people will get 2 BHK (Bedroom, Hall & Kitchen) houses in 2021.
  • The state allocated Rs 10,421 crore for school education, Rs 1,723 crore for higher education and Rs 11,054 crore for completing pending irrigation projects.
  • An amount of Rs 550 crore for police command control room & Rs 5,000 crore budget for police department has been made.
  • Rs 14,416 crore allocated for power sector (both for completing power projects and power subsidy) & Rs 6,186 crore budget allocated for health department. As a result of which, 232 new basti clinics would be opened in Telangana.

About Telangana:
Capital
– Hyderabad
Governor– Tamilisai Soundararajan
Chief minister– K. Chandrashekar Rao
Flower– Senna auriculata
Fruit– Mango