Telangana’s GSDP increases by 16 pc, says CAG report
According to the Comptroller and Auditor General of India's State Finances Audit report Telangana’s Gross State Domestic Product (GSDP) increased by 16 percent in the 2022-23 financial year over 2021-22.
Hyderabad: Despite the repeated narrative by the Congress on the State’s finances, the Comptroller and Auditor General of India’s State Finances Audit report for the year ended March 31, 2023 says Telangana’s Gross State Domestic Product (GSDP) increased by 16 per cent in the 2022-23 financial year over 2021-22. The GSDP (at current prices) grew at an average growth rate of 15.09 per cent from Rs.8,57,427 crore in 2018-19 to Rs.Rs.13,13,391 crore in 2022-23.
Similarly, the report says Revenue Receipts increased considerably by 25 percent over the previous year. The report was tabled by Deputy Chief Minister Mallu Bhatti Vikramarka in the Assembly on Friday.
According to the report, the ratio of Revenue Receipts to GSDP increased by one percentage from 11 percent in 2021-22 to 12 percent in 2022-23. The State Own Tax Revenue (SOTR), which had decreased marginally in 2020-21 due to the Covid-19 pandemic, increased significantly in 2021-22 and continued considerable growth in 2022-23. It had increased significantly by 17 percent (Rs.15,678 crore) over the previous year.
The Total Expenditure (consisting of mainly Revenue Expenditure, Capital Expenditure and Loans and Advances) of Telangana increased by 50 percent from Rs.1,28,435 crore in 2018-19 to Rs.1,92,535 crore in 2022-23 and by 11 per cent over the preceding year.
The gap between the Revenue Receipts and Revenue Expenditure results in either Revenue Surplus or Revenue Deficit. As per accounts, the State registered a Revenue Surplus of Rs.5,944 crore after three years. The target for Fiscal Deficit was five percent of the GSDP and the State registered a Fiscal Deficit of Rs.32,556 crore (2.48 percent) , which was under the permissible limit, after two years, the report said.
As per Medium Term Fiscal Policy statement, the target set out for ratio of total outstanding liabilities to GSDP was 25 percent. The ratio of total outstanding liabilities to GSDP achieved by the State was 26.61 percent. An amount of Rs.25,422 crore was estimated to be received through Non-Tax Revenue for 2022-23 but receipts were Rs.19,554 crore. The State government had estimated a huge amount of Rs.41,002 crore as Grants in Aid (GIA) form the Centre, but received only Rs.13,179 crore.
Even in Revised Estimates, presented in February 2023, huge receipts of Rs.7500 crore as inter State settlement were estimated, which were not realized. The amount estimated was pertaining to electricity dues receivable by Telangana Power Companies from Andhra Pradesh Power Companies and not by the State government.
