HYDERABAD: Projecting itself as a government committed to welfare at a time of economic slowdown, the state on Sunday proposed an ambitious budget of Rs 1,82, 914 crore for the financial year 2020-21.
Presenting his first fullfledged budget, state finance minister T Harish Rao said the budget estimate, which is Rs 36,000 crore higher than the Rs 1.46 lakh crore estimates of 2019-20, was aimed at boosting welfare of all sections of society and turning Hyderabad into a global city.
“The TRS government believes the antidote to economic recession is to enhance people's purchasing power step by step and by spending resources on capital expenditure,” said Harish Rao at a media conference after his budget presentation.
With a clear eye on the Greater Hyderabad Municipal Corporation (GHMC) polls likely towards the end of the year, Rao said the government’s focus was turning Hyderabad into a truly global city and therefore Rs 10,000 crore was allocated for developing Hyderabad urban agglomeration area. Analysts said the high fund allocation for Hyderabad and focus on infrastructure, including the Musi river front, was clear indication of Telangana government’s battle readiness plans before GHMC polls.
Rao did admit a slight decline in the growth of GSDP in current prices, from 14.3% in 2018-19 to 12.6% in 2019-20, but said the percentage growth year-on-year was highest when compared to the total budget figures proposed in 2017-18 of Rs 1.43 lakh crore.
The finance minister stressed there was no budget slash for any welfare measure, instead there was an increase in number of beneficiaries, signifying the TRS regime’s hope of maintaining the popularity it has been enjoying in past elections. About 70,000 more people would avail Kalyana Lakshmi scheme and its allocation was increased to Rs 2,240 crore from Rs 1,540 crore. Also, Asara pension amount was enhanced to Rs 11,750 crore from Rs 9,402 crore. Rythu Bandhu allocation was also increased Rs 14,000 crore.
“Many more innovative schemes will be taken up by the government in the next financial year,” Rao said.
A major allocation was for agriculture and cooperative department at Rs 24,116 crore, followed by Panchayat Raj and rural development departments at Rs 23,000 crore.
Presenting his first fullfledged budget, state finance minister T Harish Rao said the budget estimate, which is Rs 36,000 crore higher than the Rs 1.46 lakh crore estimates of 2019-20, was aimed at boosting welfare of all sections of society and turning Hyderabad into a global city.
“The TRS government believes the antidote to economic recession is to enhance people's purchasing power step by step and by spending resources on capital expenditure,” said Harish Rao at a media conference after his budget presentation.
With a clear eye on the Greater Hyderabad Municipal Corporation (GHMC) polls likely towards the end of the year, Rao said the government’s focus was turning Hyderabad into a truly global city and therefore Rs 10,000 crore was allocated for developing Hyderabad urban agglomeration area. Analysts said the high fund allocation for Hyderabad and focus on infrastructure, including the Musi river front, was clear indication of Telangana government’s battle readiness plans before GHMC polls.
Rao did admit a slight decline in the growth of GSDP in current prices, from 14.3% in 2018-19 to 12.6% in 2019-20, but said the percentage growth year-on-year was highest when compared to the total budget figures proposed in 2017-18 of Rs 1.43 lakh crore.
The finance minister stressed there was no budget slash for any welfare measure, instead there was an increase in number of beneficiaries, signifying the TRS regime’s hope of maintaining the popularity it has been enjoying in past elections. About 70,000 more people would avail Kalyana Lakshmi scheme and its allocation was increased to Rs 2,240 crore from Rs 1,540 crore. Also, Asara pension amount was enhanced to Rs 11,750 crore from Rs 9,402 crore. Rythu Bandhu allocation was also increased Rs 14,000 crore.
“Many more innovative schemes will be taken up by the government in the next financial year,” Rao said.
A major allocation was for agriculture and cooperative department at Rs 24,116 crore, followed by Panchayat Raj and rural development departments at Rs 23,000 crore.
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