Telangana likely to witness higher growth rate during 2023-24 fiscal: Harish Rao

Finance Minister T Harish Rao has said the State was likely to witness higher growth rate during the upcoming fiscal year

Hyderabad: Finance Minister T Harish Rao has said the State was likely to witness higher growth rate during the upcoming fiscal year (2023-24). Telangana’s Gross State Domestic Product (GSDP) during the current 2022-23 fiscal has witnessed an increase of 15.6 percent compared to the last financial year (2021-22), he said.

Speaking to the media after releasing the Telangana Socio Economic Outlook 2023 in the assembly conference hall here, Harish Rao said the government had allocated separate funds to a few departments and programmes apart from the ones allocated in the Budget presented in the State assembly on Monday.

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In order to improve the conditions of the roads in the State, the government had allocated Rs.2,500 crore to Roads and Buildings Department and Rs.2000 crore to Panchayati Raj Department. These amounts are additional to the Rs 22,260 crore allocated to R&B Department and Rs 31,426 crore to Panchayat Raj Department in the State Budget, he informed.

Similarly, Rs.500 crore has been separately allocated for the construction of new hostel buildings, renovation and modernisation of buildings in various universities in the State.

It has come to the notice of the government that A few universities in the State need new hostels and there was also a need to undertake repairs of hostel buildings in these universities, hence, the government had allocated separate funds for that purpose, he said. “This amount will be a grant and not loan,”he clarified.

He said the government has allocated Rs 4,500 crore separately for the sheep and goat distribution scheme and Rs 200 crore for KCR Nutrition Kit. The State government has allocated Rs 12,000 crore for those who are willing to construct houses on their own land, he said. “The government will be providing financial assistance of Rs 3 lakh for the construction of houses,”he said.

The Finance Minister stated there has been an increase of Rs 275 crore in Rythu Bandhu scheme and Rs 460 crore for Kalyana Lakshmi and Shaadi Mubarak Schemes. An additional Rs 220 crore was allocated for the farmer’s insurance scheme, while Rs 5,609 crore was allocated for fee reimbursement and Rs.3,000 crore for free rice distribution.