E-Paper
Andhra Pradesh budget presented with an outlay of ₹ 2.70 lakh crore
The revenue deficit for 2022-23 as per revised estimates is around ₹ 29,107 crore, whereas the fiscal deficit for the same period is around ₹ 47,716 crore, which amounts to 2.21% and 3.62% of the GSDP respectively.
The Andhra Pradesh government plans to spend ₹ 2.79 lakh crore in the fiscal year 2023-24 which is nearly 9% higher than the ₹2.56 lakh crore announced in the 2022-23 budget estimates (BE).
To be sure, the revised estimate (RE) numbers for 2022-23 show that the government will likely spend ₹ 2.40 lakh crore in the current financial year, which will end on March 31. The more than budgeted spending is despite an under performance in state’s own revenue collections which are likely to be ₹ 90,900 crore as per 2022-23 RE numbers compared to ₹ 1.02 lakh crore in the 2022-23 BE numbers. The government expects its own tax revenues to increase to ₹ 1.18 lakh crore in 2023-24.
The revenue deficit for 2022-23 as per revised estimates is around ₹ 29,107 crore, whereas the fiscal deficit for the same period is around ₹ 47,716 crore, which amounts to 2.21% and 3.62% of the GSDP respectively.
During 2023-24, the revenue deficit is estimated at around ₹ 22,316 crore and the fiscal 46 deficit is estimated at around ₹ 54,587 crore. The fiscal deficit will be around 3.77% of the GSDP, whereas the revenue deficit will be around 1.54% of the GSDP.
Presenting the budget in the state assembly, state finance minister Buggana Rajendranath Reddy said that the focus was as usual on the welfare agenda of chief minister YS Jagan Mohan Reddy, with enhanced social security system, more thrust on economic uplift of farmers, women empowerment and handholding of weaker sections.
The minister pegged the revenue expenditure at ₹ 2.28 lakh crore while the capital expenditure is estimated to be ₹ 31,061 crore.
“The Andhra Pradesh Budget for financial year 2023-24 is designed to raise the living standards of people,” Rajendranath Reddy said.
He also expressed gratitude for being given an opportunity to present the state budget for the fifth time under the leadership of chief minister Y S Jagan Mohan Reddy.
Welfare has taken a lion’s share of the budget allocation with YSR Pensions getting ₹21,434.72 crore and the total Direct Benefit Transfer (DBT) running into ₹54,228.36 crore.
In the education sector, Amma Vodi gets a major chunk of ₹6,500crore while Jagananna Vidya Deevena, Jagananna Vasathi Deevena, Jagananna Vidya Kanuka and Mana Badi Nadu-Nedu are allotted ₹2,841.64 crore, ₹2,200 crore, ₹560 crore and ₹3,500 crore respectively.
He said the annual budget showed its commitment for economic empowerment of weaker sections of society by allotting ₹38,605 crore for BC component, ₹20,005 crore for SC component, ₹6,929 crore for ST component, ₹4887 crore for Kapu welfare and ₹4,203 crores for Minority welfare.
The budget proposed an allocation of ₹3,606 crore for industries and commerce. For the development of roads and transport ₹9,118 crore has been allocated.
The finance minister said an amount of ₹15,882 crore for Medical, Health and Family welfare, ₹15, 873 crore for Panchayat Raj and Rural Development, ₹9,381 crore for Municipal and Urban Development, ₹6,700 crore for YSR Asara, ₹5,000 crore for YSR Cheyuta and ₹600 crore for YSR-PM Bima
The other major allocations made in the budget are: Zero interest loans for farmers ₹500 crore; Matsyakara Bharosa ₹125 crore; EBC Nestham ₹610 crore and Gadapa Gadapaku Mana Prabhutvam ₹532 crore.
The infrastructure facilities in Visakhapatnam would be developed along with the transformation of Tadepally and Mangalagiri as Model Towns, finance minister Rajendranath Reddy said.
Meanwhile, the state assembly witnessed noisy scenes with the Opposition Telugu Desam Party (TDP) members protesting over the ‘increasing’ loan burden on the state.
As the TDP members continued to disrupt the proceedings, the chief minister asked Speaker Tammineni Sitaram to “clear these people out”.
Following the uproar in the assembly, 14 TDP members were suspended from the house for a day.
