Telangana budget likely to be pegged at over Rs 2.75 lakh crore

State government appears to be preparing a pragmatic State budget with more than Rs.2.75 lakh crore for 2023-24

Hyderabad: With the Centre slashing funds to Telangana in 2022-23, the State government appears to be preparing a pragmatic State budget with more than Rs.2.75 lakh crore for 2023-24 which is likely to be presented in the Assembly next month.

All measures are being taken to ensure that the ongoing welfare and development schemes continue without hurdles even if the Centre continues to deny support.

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The State government had presented Rs.2.56 lakh crore for 2022-23 including revenue expenditure of Rs.1.89 lakh crore and capital expenditure of Rs.29,728.44 crore.

However, the State fell short of nearly Rs.56,000 crore revenue including dues, funds, grants and compensation from the union government for the financial year 2022-23.

“Still, the State government registered significant growth of around 19 percent in its total revenues in November 2022-23 compared to the previous year. Thus we could ensure implementation of all ongoing schemes without much delay, despite severe financial challenges including delay in release of funds from the Centre,” an official in the Finance department said.

The State’s revenue receipts stood at Rs.1,25,157 crore in November 2022-23 against Rs.1,05,167 crore in November 2021-22, i.e. a growth of around 19 percent. As per preliminary estimates, Telangana continues to maintain higher growth rate in the Gross State Domestic Product (GSDP) at more than 10 percent at constant prices.

Sources said though Finance Minister T Harish Rao would technically present a Vote-on-Account budget as the State Assembly elections were due this December, it would be a full budget in nature covering all ongoing schemes.

Priority sectors include agriculture, health, education and welfare, with the State government giving equal focus on Dalit Bandhu, Aasara pensions and infrastructure development among others, in budget allocations. The State will have a tax-free budget.

“Telangana has sought significant allocations in the union Budget for 2023-24. However, considering previous experiences and the political scenario, the budget is being prepared with all precautions,” sources said.