Presenting the Vote-on-Account Budget in the State Legisaltive Assembly, the Chief Minister said that of estimated total expenditure in 2019-20 of Rs.1,82,017 crore, revenue expenditure is Rs.1,31,629 crore and capital expenditure is Rs.32,815 crore.
In 2019-20 the estimated revenue surplus is Rs. 6,564 crore and fiscal deficit is Rs.27,749 crore. The fiscal deficit is 2.81% of GSDP.
“While continuing all the development and welfare schemes, Government proposes to introduce new schemes as per the promises made during the elections. Government worked with intense focus and delivered programs like a sacred duty.
The blessings of the people are a vote on the performance. In future too, people’s aspirations will guide us to introduce innovative schemes. Bangaru Telangana- where verdant green crops are swaying in the wind, where there is inclusive growth – is our goal and we rededicate ourselves towards that noble goal.
The Budget proposed will lead to balanced development of all sections,” the Chief Minister in conclusion of his 58-page long speech.
Earlier, he said as per the Finance Accounts of the State Government certified by the Accountant General, the total expenditure in 2017-18 was 1,43,133 crore. The revenue receipts were Rs.88,824 crore.
The expenditure on revenue account was Rs.85,365 crore and revenue surplus was Rs 3,459 crore. The total expenditure of the state was Rs1,43,133 crore and capital expenditure was Rs 23,902 crore.
Similarly, as per the Revised Estimates, the total expenditure in 2018-19 is estimated at Rs.1,61,857 crore. Of this, revenue expenditure is Rs.1,19,027crore while capital expenditure is Rs.28,053 crore. The estimated surplus on revenue account Rs.353 crore.
“State’s own revenues for BE of 2019-20 are at Rs.94,776 crore in comparison with RE of 2018-19 at Rs.72,777 crore. Transfers from the Centre as per BE 2019-20 is Rs.22,835 crore, while in RE 2018-19 these are estimated at Rs.28,042 crore. The PragatiPaddu proposed is at Rs 1,07,302crore and Niravahana Paddu is at Rs.74,715 crore,” the CM said.
The Chief Minister said that it was a matter of immense pride that within a period of less than 5 years, Telangana has become a trailblazer and a role model for the entire nation. “Previously, the Gujarat and Kerala models of development were talked about.
Now, the Telangana model of inclusive development has taken center-stage. Our government has set an unprecedented record by not only fulfilling all the promises in the election manifesto but even delivering more than what was promised.
It is no exaggeration to say that every household is getting the benefit from one programme or the other introduced by our Government. The people of Telangana reposed immense trust and gave the TRS party a massive mandate in the recently held elections,” he said.
Speaking about Telangana’s economy, the Chief Minister said that the the average annual GSDP growth rate of the Telangana region at constant prices in the combined State was barely 4.2% in the two years (2012-13 and 2013-14) immediately preceding the formation of the new State, as compared with the national average of 5.9 per cent.
However, after formation of Telangana, the growth rate more than doubled to 10.6 percent in 2018-19. “This is an undisputable proof that our Government has done lot more in a very short period of less than five years in putting the economy on a higher growth trajectory.
The growth of Gross State Domestic Product (GSDP) at current prices has improved from 14.2% in 2016-17 to 14.3% in 2017-18. Keeping the same trend, this year, Telangana is estimated to grow at 15% in 2018-19 as against country‟s growth rate of 12.3%. The GSDP of the State during 2018-19 is estimated at Rs. 8,66,875 crore.
The primary sector of the GSDP at current prices is expected to register a growth rate of 10.9% in 2018-19 This growth can be attributed mainly due to improvement in power situation, rejuvenation of irrigation facilities, distribution of sheep among the Sheppard community, supply of fish seed to the fishermen community and investment support to the farmers.
The secondary sector has improved significantly and is likely to register a growth rate of 14.9% at current prices in 2018-19.
This growth is because of assured power supply, liberalized industrial policy TS-iPASS, improvements in ease of doing business and availability of skilled manpower. The tertiary sector is likely to register an impressive growth of 15.5%.
As per the latest estimates, the State’s per capita income at current prices is estimated at Rs.2,06,107 for the year 2018-19, as against Rs.1,81,102 in 2017-18 showing an increase of 13.8%. This is significantly higher than the national growth of 8.6%, the Chief Minister said. (INN)