Hyderabad: According to Finance Minister Ch Chandrashekhar Rao, of a promising budget, Finance Minister T Harish Rao on Thursday presented a budget revenue of 6,743 million revenue for 2021-22, with the annual expenditure linked to a huge amount of 2.30 million Rakh, which jumps almost 39 per cent over the revised estimates of 1.66 lakh crore for 2020-21.
The income expenditure is estimated at more than R 1,69 lakh crore against receipts of more than Rs 1,76 lakh crore, while the capital expenditure is at R 29,046.77 crore and fiscal deficit is placed at R 45,509,60 crore.
What’s important about the budget is that it does not just reveal the resilience of the state as a result of the ongoing Covid-19 pandemic, but also the positive approach of the government towards a virtual crisis situation, which is evident from the fact that key sectors such as irrigation and industries are allocating more than 50 percent than the previous year.
In addition, it also announced two major schemes, one for empowering Dalit and another for upgrading and modernizing state education institutions in the state, both with substantial budget allocations.
“The Prime Minister has put in place effective measures to protect the health of the people, in addition to taking precautions to reduce the impact of Covid on the state economy, and succeed. The state economy is recovering which will significantly improve the GSDP in the next financial year, ”said Harish Rao, adding that the development of the state and the well – being of the people are still the focus of the government.
The Minister pointed out that, due to the proactive measures of the government, the primary sector, which consists of agriculture and related fields, registered growth of 17.7 percent in 2020-21, while the secondary sector and services sector respectively with 5.2 percent and 1.9 percent shrank. Compared to the 3.8 percent contraction in the country’s GDP (gross domestic product) due to the unfavorable impact of the pandemic, the state recorded a positive growth of 1.3 percent in GSDP (gross domestic product) , the minister said.
According to estimates, Telangana’s GSDP is estimated at Rs 9,78,373 crore at current prices in 2020-21. After the pandemic, GSDP growth declined significantly from 13.5 percent in 2019-20 to 1.3 percent in 2020-21, but was still much better than GDP rising from 7.8 percent to -3 in the same period. Dropped by 8 percent. “With great foresight, the Prime Minister has taken steps to stimulate the rural economy that have prevented any adverse pandemic impact on the rural economy,” the minister said.
Improvement in power supply, increase in irrigation area after the establishment of new projects and implementation of many development and welfare schemes such as Rythu Bandhu, the distribution of sheep and the supply of fisheries to fishermen, helped the primary sector to keep looking north .
Despite the unfavorable conditions, the state’s per capita income is estimated to increase by 0.6 percent in 2021-22 compared to Rs 2,27,145 in 2020-21. In contrast, the country’s PCI is estimated to fall by Rs 4.8 percent to Rs. 1, 27 768 in 2021-22. Telangana’s PCI will therefore be 99,377 Rs higher than the national PCI. “This is proof that Telangana’s economy is in a better state, even during such unfavorable conditions, except that it acts as an economic powerhouse in the country,” the minister said.
Tourism expenditure by 88%
State government allocations to the tourism and culture sector increased by almost 88 percent this year – from 385.62 million last year to 726 million in 2021-22.
The government has taken steps to develop facilities at various tourist resorts in the state. Due to the pandemic, some of the initiatives proposed in the previous budget could not be carried out, Finance Minister T Harish Rao said. “In 2021-22, the government decided to start Kaleshwarm Tourism Track,” he added.
The government promotes Telangana culture and traditions at national and international level, in addition to celebrating Bathukamma, Bonalu, Ramzan and Christmas as state festivals.
Source: Telangana Today