Telangana Chief Minister K. Chandrasekhar Rao has defended the 2015-16 budget proposals, saying that his government was confident of mobilising necessary resources for all its expenditure proposals.
The government was sure of mobilising over Rs. 96,000 crore with the help of State’s own tax revenue, non-tax revenue, devolution of funds from the Centre and borrowings under the provisions of Fiscal Responsibility and Budget Management Act, he told the Assembly on Tuesday while giving clarifications after the general discussion on budget. Besides, there were chances of getting another Rs.4,000 crore commercial taxes pending in court cases.
In spite of not getting estimated funds from the Centre in the current year (2014-15) mobilisation of income to the tune of Rs.60,000 crore and Rs.34,500 crore was not realised due to drastic cut in funds from Centrally-sponsored schemes and not taking up sale of lands due to sluggish demand.
Hitting back at Opposition Congress, he said the government would definitely map resources through sale of vulnerable lands, started by TDP and Congress and remarked that the government would not bring money from vacuum.
He explained that even assured funds for schemes such as water grid and power generation were not reflected in budget. Giving examples, the Chief Minister said that loans of Rs.10,000 crore and Rs.3,000 crore were already sanctioned by Hudco and Nabard for drinking water grid project already. K-Water of Korea was interested in investing Rs.10,000 crore and a consortium of ICICI, Jindal Steel and LIC was keen on funding the Rs.33,000-crore project.
Stating that power generation capacity addition was planned with Rs.79,00 crore including Rs.24,000 crore by NTPC for its 4,000 MW plant, Mr. Chandrasekhar Rao said Rural Electrification Corporation ( REC) and Power Finance Corporation (PFC) had also assured funding for power generation in the State. The government was also confident of borrowing another Rs. 13,000 crore beyond the FRBM limits, he noted.
Earlier, in his reply to the debate Finance Minister E. Rajender said they have already accrued 80 per cent of estimated revenue receipts, though actual figures would come in June/July, and were hopeful of realising 80 to 90 per cent of the estimated revenue in 2015-16, irrespective of drastic cut in flow of Central funds.
