The Telangana State continues to depend on the financial accommodation instruments provided by the Reserve Bank of India (RBI) for meeting its immediate financial commitments like the ongoing and recently launched spree of welfare schemes.
The State utilised options like the special drawing facility and ways and means advances for most of January. The State relied on a special drawing facility for all 31 days of January drawing ₹883.6 crore. It opted for ways and means advances for all but one day of the month availing ₹1,391.36 crore. It also used the overdraft option for 14 days of the month raising ₹634.82 crore, according to the RBI.
Excess dependence on the financial accommodation instruments was because of the slow pace of growth in revenue receipts which continued in January too. The State’s overall revenue receipts at the end of January stood at ₹1.36 lakh crore, 63.2% of the ₹2.16 lakh crore projected in the budget estimates for the current financial year with just two months left for the completion of the fiscal.
Of these, receipts under the head borrowings and other liabilities stood at ₹40,852 crore, close to one third of the total receipts. Tax revenues during the period were a shade better at ₹1.1 lakh crore, 72.42% of the ₹1.52 lakh crore of the budget estimates. Expenditure on account of interest payments was ₹19,102 crores and payment of salaries/wages and pensions amounted to ₹32,650 crore and ₹14,102 crore respectively.
The State had a revenue deficit of ₹1,269.69 crore against the surplus of ₹4,881 crore projected in the budget estimates for the year while the fiscal deficit was ₹40,852 crore 72.87% of ₹56,062 crore projected for the fiscal. The primary deficit at the end of January stood at ₹21,749 crore.
