The state government appears to be preparing a pragmatic state budget of over Rs 275 trillion for 2023-24
Posted Date – 11:00 PM, Sunday – 1/8/23
Hyderabad: With the Center cutting funding to Telangana in 2022-23, the state government appears to be preparing a pragmatic state budget of over Rs 27.5 trillion for 2023-24, which is likely to be tabled in Parliament next month.
All steps are being taken to ensure that ongoing welfare and development programs can continue without hindrance, even if the Center continues to decline support.
The state government has proposed a budget of Rs 25.6 trillion for 2022-23, which includes revenue expenditure of Rs 18.9 trillion and capital expenditure of Rs 29,728.44 crore.
However, the state’s revenue for 2022-23 is short of nearly Rs 56,000 crore, including dues, funds, grants and compensation from the federal government.
“Nevertheless, there is still a significant increase in total state government revenue of about 19% in November 2022-23 compared to the previous year. We can therefore ensure that all ongoing programs are implemented without much delay , despite serious financial challenges, including delays in disbursing funds from the centre,” said an official in the finance department.
In November 2022-23, the state earned Rs 1,251.57 billion in revenue as compared to Rs 105,167 crore in November 2021-22, or an increase of about 19 per cent. According to preliminary estimates, Telangana’s Gross Domestic Product (GSDP) continues to grow at a relatively high rate of more than 10% at constant prices.
Although Finance Minister T Harish Rao will technically come up with a ballot-of-accounts budget as state assembly elections are due in December this year, it will be a complete budget covering all ongoing programs, sources said.
Priority sectors include agriculture, health, education and welfare, with the state government also giving equal weight to Dalit Bandhu, Aasara pensions and infrastructure development in its budget allocation. The state will have a tax-free budget.
“Telangana has sought substantial allocations in the Union Budget for 2023-24. However, the budget is being prepared with every precaution in view of past experience and the political situation,” the source said.
