Hyderabad: Chief Minister K Chandrashekhar Rao on Friday said his government will present a full-fledged Budget after a new government is formed at the Centre post the Lok Sabha elections and it presents the Union Budget for the 2019-2020 financial year. During his vote-on-account Budget speech in the State Legislative Assembly, the Chief Minister explained the reasons why the Telangana government introduced a vote-on-account Budget.
The Chief Minister said there are special reasons why the State government was presenting a vote-on-account Budget. “When the State was formed, we did not have an idea about the size of the economy, its growth rate and its tax base. The resource envelope was difficult to assess. After a period of five years, we have a very clear idea of the size of the economy, its dynamics and priorities for expenditure,” he said.
“And in view of the situation in the State, a medium-term development and expenditure plan is prepared which would be the foundation for the budgets for the next five years,” he said. The Centre’s decision to present a vote-on-account Budget meant lack of clarity at the Central level as to what the priorities for expenditure would be of the next Union Government, its policies, and centrally-sponsored schemes.
“Only after the Union Government introduces a full Budget there will be clarity on these matters. The quantum of allocation to each State would also be clear by then. That is the main reason for our State to introduce the vote-on-account Budget,” he said. Chandrashekhar Rao then said, “I am informing the honourable members that we will also introduce a full-fledged Budget with complete clarity at that time.”