Telangana government appears to be confident of meeting its financial requirements for the current financial year with more than a month still remaining for its completion.
The confidence stems from the fact that the actual expenditure for the fiscal is likely to be far lower as compared to the projections made in the budget estimates. The government has projected the total expenditure at ₹2.49 lakh crore including revenue expenditure of ₹2.11 lakh crore for the financial year 2023-24.
Deputy Chief Minister (Finance and Energy) Mallu Bhatti Vikramarka said in his budget speech that the estimated total expenditure for the fiscal will be ₹2.24 lakh crore including revenue expenditure of ₹1.69 lakh crore and the State was likely to end the fiscal with revenue surplus of ₹9,031 crore and fiscal deficit of ₹33,786 crore.
“We will not be able to reach the projected ₹2.5 lakh crore in any way. This will mean savings. There will be more than adequate to offset any additional expenditure,” a senior Finance official said when asked about the plans to raise the huge resources required for the fiscal.
On how the State planned to raise ₹46,400 crore for further expenditure during the current fiscal, a Bill for which was passed by the Legislature, the official said supplementary grants were sought for the amount which was already spent but it did not have full appropriation by the Legislature. The claim of the official notwithstanding, the government continues to face a tough time in raising the finances especially in the context of the promises it made in the form of six guarantees to the people.
The government had so far implemented the free bus travel for women with an estimated outgo of ₹300 crore a month and enhanced coverage under the Aarogyasri from ₹5 lakh to ₹10 lakh. But it is treading cautiously in the implementation of other promises like Rythu Bharosa envisaging ₹15,000 an acre investment support to farmers as the total receipts had not been meeting the expectations.
The State registered ₹1.61 lakh crore revenue receipts till the end of third quarter of this financial year as against the ₹2.59 lakh crore projected in the budget estimates including borrowings and other liabilities of ₹36,536 crore. This leaves a gap of close to ₹1 lakh crore leaving a herculean task for the government to reach anywhere close to the projected revenues.
Published - February 20, 2024 04:55 pm IST
