Hyderabad: The development of infrastructure in both urban and rural areas received a generous allocation in the annual state budget presented by Finance Minister T Harish Rao in the Assembly on Thursday.
‘In the financial year 2021-22, I propose a total amount of R2,30,825,96 million. Of this, the expenditure on income is R, 69,383.44 crore and capital expenditure Rs 29946.77 crore. Revenue in the budget is estimated at 6 743.50 crore and the estimated fiscal deficit is R. 45 509.60 crore “, T Harish Rao said here on Thursday.
In the 2.3 lakh crore budget presented by the Minister of Finance, major allocations were made to roads, transport, power, irrigation and other infrastructure development projects.
For example, for the capital, Rs. 200 million has been allocated for the renewal of the Musi River, 1000 million for Hyderabad subway and another 250 million for the supply of drinking water in new colonies within ORR. Furthermore, Rs. 250 crore is allocated specifically for the development of the municipal corporation Warangal.
Apart from this, Rao awarded Rs. 4 000 crore for a new proposed education scheme that aims to comprehensively upgrade and modernize the education sector in the State.
An amount of 29 271 crore is proposed for panchayat raj and rural development departments, while a large amount of Rs. 360 million has been allocated for the IT sector.
Taking into account the need for health infrastructure, the state government increased the health budget from 6,186 in 2020-21 to 6,295 in 2021-22.
In his budget proposal, Harish Rao noted that the state government has taken a number of measures to address the adverse effects of COVID-19.
“The improvement in power supply, increase in irrigation areas due to new projects and the implementation of many development and welfare schemes such as Rythu Bhandu, the distribution of sheep, the provision of fish seedlings to fishermen, helped the primary sector to grow by 17 , To get 7 percent. in 2020-21. The growth rate of secondary and service sectors recorded -5.2 percent and -1.9 percent, respectively, ”Rao said.
Compared to national GDP growth, the growth of the GSDP is much better, he added. The growth of GSDP decreased significantly from 13.5 percent in 2019-20 to 1.3 percent in 2020-21, compared to the national GDP growth decreased from 7.8 percent to -3.8 percent in the same period.
Source: The Siasat Daily