Pi News –
Andhra Pradesh Finance Minister Buggana Rajendranath Reddy.
Andhra Pradesh Finance Minister B Rajendranath has pegged the capital expenditure at Rs 30,530 crore for the 2024-25 financial year and pegged the revenue shortfall at Rs 24,758 crore.
Andhra Pradesh Finance Minister B Rajendranath on Wednesday voted a budget of Rs 2.86 lakh crore for the financial year 2024-25 in the Legislative Assembly here, with revenues of Rs 2.30 crore.
The finance minister estimated capital expenditure at Rs 30,530 crore for the financial year 2024-25 and pegged the revenue shortfall at Rs 24,758 crore.
He projected the fiscal deficit to be around Rs 55,817 crore, which is 3.51 per cent of the gross domestic product (GDP), while the revenue deficit will be around 1.56 per cent.
Further, the External Affairs Minister said that the state incurred revenue expenditure of Rs 2.28 crore and capital expenditure of Rs 27,308 crore in the previous financial year (2023-24).
Based on the revised estimates for the financial year 2023-24, Rajendranath projected a revenue deficit of Rs 31,534 crore as well as Rs 60,154 crore.
In percentage terms, revenue deficit was 2.19 percent of GDP, and fiscal deficit was 4.18 percent.
Given the interim nature of the budget ahead of the Legislative Assembly and Lok Sabha elections, Rajendranath did not delve into the finer details such as departmental or scheme-wise financial allocations.
Presenting budgets for the last five years in Andhra Pradesh, Rajendranath quoted historical figures like Abraham Lincoln, FD Roosevelt, Mahatama Gandhi and others in his budget speech, mainly to drive home the theme of prosperity.
He also highlighted the welfare measures of the YSRCP government in the last five years.
The Minister of Finance said that the establishment of 15,004 village and district secretariats ensured the continuous and transparent implementation of social security and citizen-oriented services.
As a result of the administrative restructuring, 26 districts were created from 13 and revenue divisions were increased from 52 to 77, he added.
2.53 lakh crore on direct benefit transfer (DBT) schemes between 2019 and 2024, including non-DBT welfare spending of Rs 1.68 lakh crore, Rajendranath said , spent on a total of Rs 4.21 lakh.
“Thanks to our government’s DBT regime, millions of families have been lifted out of poverty, improved living standards, and tapped into new opportunities for growth and development.” In his address, the minister also talked about the amount of money spent on various schemes including infrastructure, ports, power, MSMEs, etc. in the last five years like YSR Nethanna Nestham etc.
Earlier, Rajendranath had emphasized that the welfare of the poor in the state was the main objective of the poll budget.
Claiming that YS Jagan Mohan Reddy is the only CM who considered the election manifesto as a holy book and implemented it, he said, “Had Covid-19 and the financial situation not been good, we could have done more development work.” According to the finance minister, the YSRC government has done more than what is required for the poor and downtrodden.
In previous budgets, Rajendranath emphasized that education, health, women’s empowerment and agriculture were given priority.
Earlier, the state Cabinet chaired by Chief Minister Jagan Mohan Reddy had approved the budget for the year 2024-25 on polls.
(This story is unedited by News18 staff and published from a syndicated news agency feed – PTI)