Spillover effect of pandemic on finances ₹1 lakh crore

Notwithstanding the loss to the State treasury by about ₹ 50,000 crore and its spillover effect on the government up to ₹1 lakh crore on account of COVID, Chief Minister K. Chandrasekha Rao has expressed the hope that the outlay of the coming budget would be higher than last year.

The financial activity in the State had picked up after the COVID situation had eased. The income generation in various forms had shown an upward trend. So, the budget for 2020-21 would hopefully be bright, he indicated while reviewing the budget preparations at a meeting on Saturday.

A release later said the budget session of the Assembly was likely to commence in the middle of this month. Mr. Rao held the meeting with Finance Minister T. Harish Rao and senior officials to discuss proposals on the basis of budget estimates prepared by various departments and reports submitted by officials.

He said the government would continue the sheep distribution programme for Yadav community along with several welfare and development programmes. Since the community was reaping profits from the scheme, a proposal would be made in the budget to distribute another three lakh units of sheep in addition to the 3.70 lakh units already given to the community.

The Centre had appreciated the programme. It had identified the State with the highest population of sheep in the country. Since the fisheries programme was also yielding good results, the same would also be continued.

Mr. Rao announced that the guidelines for fixing budget estimates department-wise had been finalised today. The Finance Minister would finalise estimates at meetings with heads of departments of roads and buildings, panchayatraj, municipal administration, education, irrigation and others from Sunday.

The final touches would be given by Mr. Rao after budget preparations with all departments were completed.

The meeting was attended by Chief Secretary Somesh Kumar, Chief Advisor to government Rajeev Sharma, Principal Finance Secretary K. Ramakrishna Rao and officials of the CMO.

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Printable version | Apr 14, 2021 8:36:48 PM |

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