Telangana state to generate Rs 15,000 crore additional revenue

HYDERABAD: The State Cabinet has cleared three proposals submitted by the officials to generate Rs 10,000 crore to Rs 15,000 crore additional revenue in the next eight months.According to sources, the Cabinet which met here on Thursday to primarily discuss the financial situation of the State and mobilisation of additional revenues, approved the proposals submitted by the officials to increase the non-tax revenue.

“The proposal is to raise an additional revenue of around Rs 10,000 to Rs 15,000 crore in the current fiscal. This will be mostly through sale of lands and other assets,” sources told Express on Friday.It may be mentioned here that the Central government cut the market borrowing limit of the State by Rs 15,000 crore. With the Centre allowing the State to raise Rs 38,000 crore as against its proposal to raise Rs 53,000 crore, the State decided to generate up to Rs 15,000 through State’s Own Revenues (SOR).

As the Cabinet, during Thursday’s meeting, decided to extend Aasara pensions to around 10 lakh additional beneficiaries from August 15, the burden on the exchequer will be Rs 2,400 crore per year.In view of this, mobilisation of additional resources became a necessity for the State government to implement its ambitious welfare schemes, including providing Rs 3 lakh assistance for constructing 2BHK houses for those having own house sites and waiver of crop loans, among others.

Besides cut in FRBM loan limit, the grants-in-aid contribution from the Centre was just Rs 1,425.71 crore till June against the estimated Rs 41,001.73 crore for 2022-23.The Centre’s stand is forcing the State to augment its own revenue, said sources. As against the estimated Rs 25,421.63 crore non-tax revenue, the receipts up to June were just Rs 6,874.96 crore.