Hyderabad: Deputy Chief Minister and Finance Minister Bhatti Vikramarka Mallu presented the Congress government’s first full budget for Telangana State for the financial year 2024-25 on Thursday, outlining a Rs 2.91 lakh crore plan.
Bhatti Vikramarka began his budget speech in the Legislative Assembly by acknowledging the state’s financial challenges, stating, “Unfortunately, we have inherited a legacy of a badly run and maintained state economy.” He pointed to the state’s debt, which ballooned from Rs 75,577 crores at its formation to a massive Rs 6,71,751 crores. Despite these challenges, Vikramarka emphasized the government’s commitment to fulfilling its promises, stating, “The assurances given by us at the time of elections are not just promises. They echo the heartfelt desires of the people.”
A significant portion of the budget, Rs 72,659 crores, is dedicated to revitalizing the agriculture sector. A key initiative is the crop loan waiver scheme with Rs 31,000 crores allocated to waive farm loans up to Rs 2 lakhs. Vikramarka highlighted the government’s swift action, stating, “On July 18, 2024, we have transferred Rs.6,035 crores at a time into the accounts of 11.34 lakh farmers towards loan waiver.” The Rythu Bharosa programme will replace the previous Rythu Bandhu scheme, providing Rs 15,000 per annum to farmers. Recognising the importance of farm labourers, the budget introduces a new scheme offering them Rs 12,000 per annum. Additionally, the government will cover crop insurance premiums under the Pradhan Mantri Fasal Bhima Yojana (PMFBY).
Women’s empowerment is another cornerstone of the budget, with Rs 2,736 crores allocated to the Women and Child Development sector. The Maha Lakshmi scheme, providing free travel for women on TSRTC buses, has already saved women an estimated Rs 2,351 crores, he claimed. The government will also provide subsidised LPG cylinders for Rs 500, benefiting 39,57,637 families so far. The Indira Mahila Shakthi Scheme aims to empower 63 lakh women to become entrepreneurs through skill development, marketing support, and access to loans. Furthermore, the Indira Life Insurance Scheme will provide accidental life insurance of Rs 10 lakhs to each member of the 63.86 lakh women in Self Help Groups.
Recognizing Hyderabad’s importance, Bhatti Vikramarka said that the government has earmarked a substantial Rs 10,000 crores for its development. A new integrated unit, HYDRAA (Hyderabad Disaster Relief and Asset Protection Agency), will focus on disaster management in the Hyderabad Core Urban Region. The Musi Riverfront Development project aims to revitalize the Musi River and its surrounding areas with recreational zones, parks, and economic centres. The budget also allocates Rs 24,042 crores for expanding the metro network by 78.4 km, including connections to the Old City and Shamshabad Airport.
The budget addresses other crucial sectors as well. The education sector receives Rs 21,292 crores, including funds for teacher recruitment, infrastructure development in universities, and transforming 65 government ITIs into centres of excellence. The Medical & Health sector receives Rs 11,468 crores, with a focus on strengthening the Arogyashri health insurance scheme, improving government hospitals, and introducing digital health profile cards. The Irrigation sector receives Rs 22,301 crores, with plans to complete six pending irrigation projects within this financial year and twelve more in the next. The Law & Order sector receives Rs 9,564 crores, with a focus on combating drug abuse, strengthening the police force, and improving cybercrime investigations.
Vikramarka reiterated the government’s commitment to social justice, stating, “SC & STs would be provided funds as per Law. The funds meant for them will be spent only for them and will not be diverted for any other purposes.” He announced a caste census to address socio-economic disparities and highlighted initiatives for SC/ST welfare, minority development, and the revival of the handloom sector.
“This budget reflects the Congress government’s vision for a progressive and prosperous Telangana, with a focus on inclusive growth and equitable development,” he said. (INN)