The Telangana Government has pegged the budget outlay for the year 2024-25 at ₹2,75,891 for the fiscal 2024-25 with an allocation of ₹53,196 crore for the six guarantees, the ruling Congress party promised in its manifesto.
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“While we are not happy with presenting the first budget of our Government as vote on account, this is being done for the sake of clarity on funds for the State Government from the Centre, which will be clarified in the full budget of the Centre yet to be announced after the ensuing polls,’‘ said, Bhatti Vikramarka Mallu, Deputy Chief Minister and Finance Minister in his first budget speech at the Assembly here, on Saturday.
Mallu, pegged revenue expenditure and capital expenditure at ₹2,01,178 crore and ₹29,669 crore respectively.
As per the accounts of 2022-23, expenditure is ₹2,04,523 crore, revenue surplus is ₹5,944 crore, fiscal deficit is ₹32,557 crore. As per the revised estimates for 2023-24, estimated total expenditure is ₹2,24,625 crore, out of which revenue expenditure is ₹1,69,141 crore, capital expenditure is ₹24,178 crore, revenue surplus is ₹9,031 crore, and fiscal deficit is ₹33,786 crore.
On the present status of finances, the Minister stated, that they were in in a `dire’ economic condition. “Even a prosperous State like ours, has been reduced to a begging bowl, due to the misdeeds of the earlier rulers, he said adding: “Instead of spending on the infrastructure development in the state, the government has frittered it on non-essential activities. The Government’s credibility suffered, as it defaulted in clearing the bills for the expenditure it incurred”.
GSDP
In the fiscal year 2023-24, the Gross State Domestic Product (GSDP) of Telangana, showed an increase in current prices from ₹13,02,371 crore in 2022-23 to ₹14,49,708 crore.
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However, the economic growth rate, exhibited a downward trend, declining from 14.7 per cent to 11.3 per cent during the same period. The growth rate at the national level, however, showed a sharper decline, falling from 16.1 per cent to 8.9 per cent. Consequently, Telangana’s state growth rate, was higher by 2.4 percentage points, compared to India’s GDP growth rate, according to Mallu.
