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Finance Minister Buggana Rajendranath Reddy presented the State Budget for the financial year 2023-24 in the Legislative Assembly on March 16 with a total outlay of ₹2,79,279.27 crore. The revenue expenditure is pegged at ₹2,28,540 crore, while the capital expenditure is ₹31,061 crore. The revenue deficit is ₹22,316 crore while the fiscal deficit is estimated to be around ₹54,587 crore.
Mr. Rajendranath Reddy said that the revised estimate for revenue expenditure for the financial year 2022-23 is ₹2,05,555 crore, whereas for capital expenditure it is ₹16,846 crore. The revenue deficit for 2022-23 is around ₹29,107 crore, whereas the fiscal deficit for the same period is around ₹47,716 crore, which amounts to 2.21% and 3.62% of the Gross State Domestic Product (GSDP) respectively. The fiscal deficit will be around 3.77% of the GSDP, and the revenue deficit will be around 1.54% of the GSDP for the financial year 2023-24, he said.
Mr. Rajendranath Reddy said that the budgetary allocations for 22 Direct Benefit Transfer (DBT) schemes, including YSR Pension Kanuka, YSR Ruthu Bharosa, Amma Vodi, EBC Nestam, YSR Fasal Bima Yojana etc is ₹54,228.36 crore. The revised estimates for the financial year 2022-23 is ₹47,240.43 crore as against the budget estimates of ₹48,668 crore, he said.
Referring to the sub-plans, the Finance Minister said that the SC component is ₹20,005 crore as against ₹18,518 crore during the last fiscal. Similarly, the ST component sub-plan stands at ₹6,929 crore compared to ₹6,144 crore in 2022-23. The BC and minority components are ₹38,605 crore and ₹4,203 crore respectively, he said.
GIS, ₹13.42 lakh crore investments
Referring to the Global Investors Summit held at Visakhapatnam recently, Mr. Rajendranath Reddy said, “it is a matter of pride that the summit culminated with the signing of 378 MoUs with an estimated investment of ₹13.42 lakh crore and a potential to create more than 6 lakh jobs in the state.”
GSDP Growth
The Finance Minister said that Andhra Pradesh ranked 22nd in the country with respect to growth of GSDP at constant prices during 2018-19. “Owing to the enabling policies of our Government, the State economy got the necessary impetus, driving both investments and consumption,” he said, adding, “as a result, Andhra Pradesh ranked 1” in the country in terms of growth of GDSP at constant prices for the year 2021-22, registering a healthy growth rate of 11.43%.”
The revised estimates indicate that the GSDP would be ₹13,17,728 crore in 2022-23. The GSDP is projected to be ₹14,49,501 crore in the year 2023-24 having a growth of 10%, he added.
EOM
