Finance Minister Yanamala Ramakrishnudu has hinted at reducing allocations to unproductive departments in the forthcoming budget, which will be a zero-based budget.
In an informal meeting with the media at the R and B guesthouse here on Tuesday, the Minister said that senior officials were evolving plans to bring down the revenue deficit from present 4 plus per cent to zero and fiscal deficit from 7.4 per cent to 3.74 per cent. “Emphasis will be on cutting down revenue expenditure as it will enhance scope for increasing capital expenditure to improve the fiscal situation of the State,” he said.
Mr. Ramakrishnudu said that allocations to farm, irrigation and power sectors would be the priority and the government was keen on introducing a development-oriented budget. The HoDs, particularly of Finance Department, have been instructed to study the income and expenditure accounts of the last five years and fix priorities, giving due importance to the promises made in the TDP poll manifesto.
“The budget will reflect economic growth, credibility of the government and problems of every citizen,” he said.
Replying to a question, Mr. Ramakrishnudu advised the opposition parties, especially the YSRC in particular, to adopt a realistic approach towards public issues including land pooling. The government would ink the MoU with the Singapore Government and not with any individual firms in this direction, he said.
Referring to the alleged irregularities in housing schemes during the Congress government, the Minister said that the inquiry report was expected soon.
The HoDs have been instructed to study the income and expenditure accounts of the last five years and fix priorities, giving due importance to the promises made in the TDP poll manifesto
Yanamala Ramakrishnudu,Finance Minister
