The first government of India’s 29th state Telangana is all set to shell out Rs 1 Lakh and 640 Crore for a span of 10 months. The Telangana Assembly on Friday approved the Finance Bill for the same estimate for the ten-month period of 2014-15. However, CM KCR made it clear that it was not “full-fledged” budget as there was no “clarity” on funds from Union Government. KCR announced that Telangana has earned a revenue of Rs 25,947.97 Crore in the last five to six months (June to Nov) whereas he stated that the state’s own tax revenue is at Rs 15,101 Crore.
Expounding that the state’s own tax revenue was expected to be Rs 35,378 crore and non-tax revenue Rs 13,242 crore as per the present data, KCR stated that a sum of Rs 21,720 crore was expected from the Centre in the form of Grants-in-Aid. “There is a new government at the Centre and it has not yet finalized its policy formulation. There could be changes in many Central schemes like MGNREGS, housing, JNNURM, etc.
I’ll meet the Prime Minister and other Union Ministers soon to discuss these issues and we will present a full-fledged budget for the next financial year much before March 31,” KCR said in the house. Since Telangana is a new state, it had sought enhancement of borrowing limit under the Fiscal Responsibility and Budget Management Act. “The Centre has asked us to furnish more details in this regard. We are actively following up on that,” KCR added.
Close on the heels of letter from Maoists, KCR stated “welfare” of the poor is his government’s top priority. “That we are going to spend Rs 3600 crore-Rs 4000 crore on social security pensions is an indication of our commitment towards welfare. At the same time, our thrust is also on development with focus on key sectors like agriculture,” he promised.
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