“In the Budget Estimates for 2017-18, State’s own revenue receipts are proposed at Rs. 69,220.37 Crore as compared to Rs. 58,636 Crore in RE 2016-17. Transfers from the Centre are proposed at Rs. 43,862.67 Crore as compared to Rs. 28,433.78 crore in RE 2016-17.
An amount of Rs. 1,49,646 Crore is proposed as total expenditure consisting of an estimated committed expenditure of Rs. 61,607.20 Cr and an expenditure of Rs. 88,038.80 Cr under ‘Pragati Paddu’ or expenditure on schemes,” the Finance Minister said in his budget speech in the State Legislative Assembly.
Eatala said that the expenditure proposed under the Pragati Paddu was higher than that under Committed Expenditure. “This has become possible because of rationalisation of expenditure and efforts to mobilise additional resources. The Government of India has taken 2011-12 as base year for estimating GSDP.
Therefore, it is expected that there will be an increase in the net borrowing limits under the FRBM Act in 2017-18. The BE for 2017-18 indicate a revenue surplus of Rs. 4,571.30 Cr and a fiscal deficit of Rs. 26,096.31 Cr, which is 3.48% of estimated GSDP.
As provisions for the irrigation sector are treated as capital in nature, there is an increase in the Revenue Surplus,” he said.
Eatala said that the budget reflects Chief Minister K. Chandrashekar Rao’s concern for the welfare of the poor and economic development of the State, as was the case with the previous three budgets.
“Telangana is in the process of a major transition from a shackled economy to that of an economy which is being nurtured back to fulfilling long pending aspirations of people,” he said.
The Finance Minister said that there has been a distinct upward shift in the growth trajectory of the State year on year since its formation in June 2014. Growth of Gross State Domestic Product (GSDP) at constant (2011-12) prices improved from 5.6% in 2013-14 to 8.7% in 2014-15 and further to 9.5% in the year 2015-16.
As per the latest estimates, GSDP growth at constant prices in 2016-17 is likely to be in double digits at 10.1% as compared with the expected national GDP growth of 7.1%. He said that the double-digit growth was achieved despite the adverse impact of demonitisation of high denomination currency notes.
He also claimed that the State’s per capita income has increased from Rs. 1.40,683 in 2015-16 to Rs. 1,58,360 in the current year. “While the growth in all-India annual per capita income declined from 11.5% in 2013-14 to 10.2% in 2016-17, that of Telangana improved from 11.2% to 12.6% in the same period,” he said.
Eatala said that the government has made a provision of Rs. 4,000 crore to clear the last installment of farm loan waiver scheme. An amount of Rs. 25,000 crore would be spent on irrigation sector. Under Kalayana Lakshmi/Shaadi Mubarak scheme, the financial assistance has been increased from Rs. 51,000 to Rs. 75,116.
Following are the major allocations made by the Finance Minister for various departments/schemes:
Scheduled Castes – Rs. 14,375 Cr; Scheduled Tribes – 8,165 Cr; Backward Classes – Rs. 5,070 Cr; Minorities – Rs. 1,249 Cr; Women & Child Welfare = Rs. 1,731Cr; Aasara Pensions – Rs. 5,330; Brahmins Welfare – Rs. 100 Cr; Fee Reimbursement – Rs. 1,939; Medical & Health – 5,976 Cr; Education – Rs. 12,705 Cr; Panchayat Raj – 14,723 Cr; Municipal Administration & Urban Development – Rs. 5,599 Cr; Mission Bhagiratha – Rs. 3,000 Cr; Roads & Buildings – Rs. 5,033 Cr; Energy Sector – Rs. 4,203 Cr and Public Safety & Security – Rs. 4,828 Cr. (INN)