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Wednesday
July 2019
4:08 AM IST
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Sindhu looks to complete unfinished business in Japan        Griezmann says heart with Barca after ugly Atletico exit        Kotak Mahindra Bank Q1 consolidated up 23 pc; standalone net jumps 33 pc to Rs 1,360 cr        Investor wealth plummets over Rs 4 lakh cr in 3 days of market fall        China says Hong Kong protests 'absolutely intolerable'        Britain's May chairs emergency session on seized tanker        SC to hear on Aug 6 plea by Ahmed Patel against Guj HC order on his election to RS        Nadda pulls up Pragya Singh Thakur for her toilet remarks        Chandrayaan-2 illustrates India's determination to scale new frontiers of science: PM        India's second moon mission launched successfully; ISRO takes control of spacecraft        Ramya Haridas to not accept Youth Congress' car gift        ICC ran out of patience with Zimbabwe cricket: Flower        Pragya's latest: Have not become MP to clean toilets        Want to be an Indian superhero in Avengers: Taapsee Pannu        Have been able to achieve balance between commercial and parallel cinema: Sonakshi        Mahershala Ali to star in Marvel's 'Blade' reboot        Sindhu ends runner-up at Indonesian Open        UK car sector accelerates towards electric future        China importers seek to lift tariffs on US farm goods: State media        LIC offers Rs 1.25 lakh cr line of credit by 2024 to fund highway projects: Gadkari        
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National News
Y S Jagan Mohan Reddy govt presents its first budget
 
Amaravati: The Y S Jagan Mohan Reddy government Friday presented its first Budget in the Andhra Pradesh Legislature with a total outlay of Rs 2.27 lakh crore for 2019-20.

In February, the then Telugu Desam Party government had presented a Rs 2.26 lakh crore vote-on-account budget ahead of the general elections.

The revised estimates for 2018-19 showed a cut of over Rs 29,000 crore in the budget, against the Rs 1.19 lakh crore estimates presented in March last year.

Finance Minister Buggana Rajendranath, who presented his budget, estimated that the revenue deficit would be Rs 1,778.52 crore and the fiscal deficit Rs 35,260.58 crore.

The huge revenue deficit continues to be a cause for concern as the state, reeling under an acute financial crisis, is faced with a mounting expenditure bill with the introduction of numerous new doles for different sections.

As per the figures given by the Finance Minister, the revenue deficit in 2018-19 was estimated to be Rs 11,654.91 crore, down from Rs 16,151.68 crore in the previous year.

Of the total expenditure of Rs 2,27,974.99 crore proposed in the 2019-20 Budget, revenue expenditure estimated alone would be Rs 1,80,475.94 crore, Finance Minister Buggana said.

Capital expenditure was estimated at Rs 32,293.39 crore, including Rs 8,994 crore towards principal repayment of public debt.

Incidentally, the states debt burden soared to Rs 2,58,928 crore by the end of the 2019 fiscal.

"This government has inherited probably one of the worst financial positions ever inherited in the history of our country.

The debt of the residuary state at the time of bifurcation (in June 2014), which was Rs 1,30,654 crore, reached a whopping Rs 2,58,928 crore by 2018-19,"Buggana said.

Further, over Rs 10,000 crore was borrowed through various corporations and diverted for spending by government.

Another Rs 18,000 crore worth bills were kept pending, he added.

"With all these liabilities, as soon as we came into the government, we were told that there was a resource gap of around Rs 45,000 crore to fulfill the commitments under Vote-on-Account budget presented in February.

This resource gap is further amplified by the budget necessary for our new programmes," Buggana said.

The demand for Special Category Status to Andhra Pradesh thus gained significance, the Minister noted.

"The Andhra Pradesh Reorganisation Act, 2014 was passed only after Special Category Status was promised and this was not the case with any other bifurcation.

AP is the only state that is demanding SCS for reasons beyond its control, as bifurcation has severely deteriorated the finances of the state," the minister pointed out.

Also, Andhra Pradesh was the only state whose SCS was approved by the Union Cabinet but has been pending for implementation, he said.

"Therefore, I am appealing to the Prime Minister and Government of India that Andhra Pradesh be given Special Category Status," the Finance Minister said.

Summing up his presentation, Buggana quoted the great political philosopher Chanakya, saying the latters "Chaturvidha Vikasa" (four-pronged development) would be the goal of their government.

"Achieving the desired target,sustaining the achievement, expanding the sustained achievements, ensuring expanded results...are useful for all, the minister said, quoting Chanakya.


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