Andhra Pradesh govt presents Rs 2.56 trillion budget for 2022-23

The Andhra Pradesh government presented the Budget for 2022-23 with a proposed expenditure of Rs 2.56 lakh crore and a projected revenue deficit of Rs 17,036 crore

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Andhra Pradesh | Budget

The Andhra Pradesh government on Friday presented the Budget for 2022-23 with a proposed expenditure of Rs 2.56 lakh crore and a projected revenue deficit of Rs 17,036 crore.

Finance Minister Buggana Rajendranath presented the ambitious budget although the government fell short of its expenditure estimates in 2021-22 by a whopping Rs 55,182 crore.

The fiscal deficit in 2022-23 is expected to be Rs 48,724 crore even as the government intends to borrow Rs 55,000 crore.

The total public debt of the state is projected to shoot up to Rs 4,39,394.35 crore in 2022-23, up from Rs 3,90,670 crore as per the revised estimate for 2021-22.

This apart, the government stood guarantee for a sum of Rs 1,17,503 crore, borrowed by various state-run entities till December 31, 2021.

A sum of Rs 21,805 crore has been earmarked for debt servicing in the next financial year.

Principal opposition Telugu Desam Party members constantly interrupted the Budget presentation, alleging that it was nothing but complete falsehood.

For the freebie schemes, the Finance Minister earmarked Rs 48,802 crore, which is more than Rs 800 crore than the current year’s allocation. In the revised estimates, though, the expenditure on freebie schemes in 2021-22 has been shown as 39,615 crore.

With the next assembly elections just two years away, the government has proposed creation of a Rs 350 crore Special Development Package Fund, placing Rs 2 crore at the disposal of each MLA.

“The Fund is for implementing socio-economic development programmes at the constituency level to maximise welfare in line with the local needs and preferences, Buggana said.

In line with the NITI Aayog’s recommendation that the UN Sustainable Development Goals (SDGs) be integrated with the Outcome Budget Statement Model, the Finance Minister said Andhra Pradesh aimed to become a leader among Indian states in achieving this integration to plan, monitor and evaluate the progress of interventions over a specified timeframe.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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