Telangana fiscal growth on the right track; Revenue registers impressive growth
The State has amassed an impressive revenue of Rs.99,106.68 crore in the first five months of the financial year 2023-24.
Hyderabad: Telangana continues to be an economic powerhouse of the nation. The State has amassed an impressive revenue of Rs.99,106.68 crore in the first five months of the financial year 2023-24. This accounts for around 38.14 per cent of the total budget outlay of Rs.2,59,861,91 crore of the current fiscal and is also about Rs.19,099 crore more than revenue in the same period in the previous financial year.
Comparatively, last year’s budget had projected a total revenue of Rs.2,45,256.61 crore. However, by the end of August, the State had already garnered Rs.80,007.64 crore.
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As per the “State Accounts at a Glance” report by the Comptroller and Auditor General (CAG), Telangana realised Rs.55,441.76 crore of tax revenue during the current fiscal. In the first five months of the previous financial year, the State recorded a tax revenue of Rs.49,705.42 crore. The non-tax revenue has doubled to Rs.14,482 crore this fiscal compared to Rs.7,839 crore in 2022-23 during the corresponding period. The Grant-in-aid and other contributions from the Centre remained a disappointment with only Rs.3,009 crore against budget estimates of Rs.43,294 crore this year. During last year, Telangana received Rs.4,011.6 crore in Grant-in-aid for the period.
The Goods and Service Tax (GST) has emerged as a critical revenue earner for Telangana. While the budget estimated total GST revenue of Rs.50,942.66 crore for the current fiscal, the actual revenue collected till August has already reached Rs.18,754.10 crore. This achievement represents a significant 36.81 percent of the total budget estimate and marks an impressive increase of Rs.2,421.93 crore over the previous year’s GST revenue for the same period.
Simultaneously, the State exhibited commendable fiscal discipline, with total revenue expenditure at Rs.95,081 crore, equivalent to 38.15 per cent of the budget estimates. This prudent management has ensured that the State maintains its fiscal health while actively investing in various sectors. The capital expenditure, one of the crucial indicators of the economic health of a State, is Rs.18,432.24 crore which is 49.12 per cent of the total budget estimate of Rs.37,524.7 crore.
“During the first half of the financial year, the revenue receipts and expenditure are comparatively lesser against the second half. This being an election year, a delay in achieving targets is bound to happen. However, considering the statistics from August, we have another seven months to meet the budget estimates. We are confident that the State’s growth is on the right track and Telangana will achieve its targets,” a senior official of the Finance department told Telangana Today.
