Hyderabad: Telangana’s financial growth is going from strength to strength, which is reflected in the fact that the State spent more than Rs 1.60 lakh crore on capital expenditure in the past five years, Principal Secretary (Finance) K Ramakrishna Rao said on Tuesday.
Telangana’s growth in State’s Own Tax Revenues have averaged at 16.5 per cent since 2015-16, the highest such performance among all States in the country. Similarly, in terms of Gross State Domestic Product (GSDP), Telangana logged in with a 15 per cent growth rate in 2018-19, again the highest in the country, Ramakrishna Rao said.
And unlike some claims being made that the State’s current outstandings with regard to payment of bills was upwards of Rs 22,000 crore, Ramakrishna Rao said the actual current outstanding bill payments stood at Rs 3,474 crore.
Addressing a press conference at the State Secretariat here, Ramakrishna Rao said the government was making timely payment of bills with respect to the various ongoing projects. He also said there were absolutely no issues with the timely payment of salaries and pensions to current and former government employees, Aasara pensions and other welfare schemes of the State government.
With regard to GSDP, Ramakrishna Rao said as per the Comptroller & Auditor General office’s data, Telangana’s GSDP in 2018-19 was Rs 8,65,875 crore. With an average growth rate of 15 per cent, the State spent Rs 1,64,519 crore on capital expenditure in five years.
“With respect to payment of bills, the government does so once a fortnight totalling about Rs 2,000 crore each month. For instance, the government has so far spent Rs 27,509 crore on Mission Bhagiratha of the total project cost of Rs 46,960 crore. And the project bills pending for payment is just Rs 659 crore,” Ramakrishna Rao said.
“There need not be any doubts on the fiscal discipline followed by the State and the soundness of Telangana’s financial health. As investments keep increasing, so will the GSDP and in turn, as our income increases, so will the expenditure,” he explained.
Rythu Bandhu on time
Hyderabad: The State government is geared up to implement the farm loan waiver scheme and will also transfer directly, to the bank accounts of the beneficiaries, Rythu Bandhu amounts due to them, Principal Secretary (Finance) K Ramakrishna Rao said on Tuesday.
Speaking to reporters, he said the government released Rs 5,200 crore during the rabi crop season for Rythu Bandhu. For the upcoming kharif crop season, the Rythu Bandhu amounts will begin flowing into the beneficiaries accounts between the last week of May and the first week of June, he said.