PNS|Vijayawada
AP State Finance Minister Buggana Rajendranath has said that the Centre considered the advice and suggestions given on behalf of the State government in the pre-budget meetings and included them in the 2023 Union Budget. He said that AP suggested implementing a pumped storage system, asked for a policy on this and the policy was announced.
Speaking to media persons, the Finance Minister said that the budget presented on Wednesday was beneficial to all the people. A few decisions in the budget were taken in accordance with the schemes being implemented in the State. The budget was advantageous to all the States across the country in terms of roads, railways, airports, ports etc., the minister said.
The minister added that reduction in fiscal deficit was a positive development in the budget presented by Union Minister Nirmala Sitharaman. He welcomed the tax concession being announced on personal income tax that would benefit the common man. It was useful for allocating funds for nursing colleges, skill development centres, airports, ports, ITDA, aquaculture, housing and setting up of Ekalavya schools.
According to Buggana Rajendranath, Andhra Pradesh State stood as a role model for the world in the pump storage system. He added that decentralisation of development was the policy of their government.
He said that the Budget 2023-24 had been designed with the aim of giving priority to seven important sectors under the name of ‘Saptarushulu’ for the development of everyone in villages and towns. It stressed on end-to-end development programmes, allocations or stalling, roads, railways, telecommunications, harnessing national energy, special attention to pollution-free solar, wind, green hydrogen power and harnessing youth power.
“Capital expenditure has increased from Rs 7.28 lakh crore last year to Rs 10 lakh crore this year, which means an increase of 2.5 lakh crore. The reduction of the fiscal deficit from 6.4 percent to 5.9 percent in two years due to Covid is a good development for the country. Tax revenue is currently Rs. 33.60 lakh crore, in 2022-23 it will be Rs. 30.43 lakh crore, an increase of 3 lakh crore,” he pointed out.
“Andhra Pradesh’s share was 9.15 lakh crore for the year 2022-23, but now it is estimated to be Rs.10 lakh crore. If we look at the total of tax and non-tax revenues, according to last year’s revised estimates, it was Rs 23.48 lakh crore and now it is Rs 26.32 lakh crore, which means an increase of 3 lakh crore.
“The debt last year was Rs.17.58 lakh crore and this year it is Rs 17.98 lakh crore, which means an increase of approximately Rs 50,000 crore. The revenue was Rs 41.90 lakh crore and this time it is Rs 45 lakh crore. Allocations in some areas of expenditure are less and in others, more. Allocations for fertilisers, urea, rice and wheat subsidies have been reduced, while those have been increased for roads and railways,” the minister said.
