State Finance Minister Eatala Rajender and Agriculture Minister Pocharam Srinivas Reddy represented to Union Finance Minister Arun Jaitley to make adequate currency notes available in banks in Telangana as the State Government will implement a new scheme to extend ₹ 4,000 per acre to farmers in May.
The scheme to be extended for the first time in the country to help farmers purchase inputs at the beginning of the Kharif season without going to money lenders would require about ₹6,000 crore. The State Government is planning to issue cheques to the farmers in May.
The Ministers who met Mr. Arun Jaitley at Delhi on Wednesday said at present there was currency shortage in the banks and requested him to ensure adequate currency reserve in the banks. They also requested that the GST on micro irrigation and drip equipment be reduced.
Finance ministers’ meeting
Mr. Rajender will attend the meeting convened by the Union Finance Minister as part of consultation with the Finance Ministers of States ahead of the finalisation of the Union Budget for 2018-19 in Delhi on Thursday followed by the GST Council meeting.
Mr. Rajendar said that they would seek greater allocation in the Union Budget for the welfare programmes of the State besides allocation for irrigation projects, Mission Bhagiratha drinking water scheme. The State already conveyed to the Centre about the situation in the State post GST implementation and impact on the revenue growth rate. The State thus is not in favour of bringing petroleum products under the purview of GST as yet as it would further affect the State revenue, he said.
Telangana State earlier represented to the Centre not to make any more changes in the GST till the new tax regime stabilised. The GST was introduced across the country in July, 2017.
