Andhra Pradesh Finance Minister B Rajendranath on Wednesday tabled a vote-on-account budget of Rs 2.86 lakh crore for fiscal 2024-25 in the Legislative Assembly here, with a revenue expenditure of Rs 2.30 lakh crore.
The Finance Minister estimated the capital expenditure for fiscal 2024-25 at Rs 30,530 crore and pegged the revenue deficit at Rs 24,758 crore.
He projected the fiscal deficit to be around Rs 55,817 crore, which would be 3.51 per cent of the Gross State Domestic Product (GSDP) while the revenue deficit would be around 1.56 per cent.
Further, the FM said the state incurred a revenue expenditure of Rs 2.28 lakh crore in the previous fiscal (2023-24), along with a capital expenditure of Rs 27,308 crore.
Citing the revised estimates for fiscal 2023-24, Rajendranath said the revenue deficit was Rs 31,534 crore, along with a fiscal deficit of Rs 60,154 crore.
In terms of percentage, the revenue deficit amounted to 2.19 percent of the GSDP while the fiscal deficit was 4.18 percent.
Considering the interim nature of the budget ahead of the Legislative Assembly and Lok Sabha elections, Rajendranath did not delve into the granular details such as department-wise or scheme-specific financial allocations.
Rajendranath, who presented the budgets for the past five years in Andhra Pradesh quoted historical figures such as Abraham Lincoln, F D Roosevelt, Mahatma Gandhi and other inspiring personalities in his budget speech to drive home the message, mostly themed on welfare.
He also highlighted the YSRCP government’s welfare measures in the past five years.
The Finance Minister averred that the establishment of 15,004 village and ward secretariats has ensured last-mile delivery of welfare schemes and citizen-centric services seamlessly and transparently.
Administrative restructuring resulted in the creation of 26 districts from 13 and the rise of revenue divisions from 52 to 77, he added.
Rajendranath pointed out that Rs 2.53 lakh crore was spent on direct benefit transfer (DBT) schemes between 2019 and 2024, including non-DBT welfare expenditure of Rs 1.68 lakh crore, amounting to Rs 4.21 lakh crore in total.
“Due to the DBT regime of our government, lakhs of families have escaped poverty, uplifted their standard of living, and availed new opportunities for growth and development.”
In his address, the Minister also referred to the quantum of money spent on various schemes such as YSR Nethanna Nestham, and others in the past five years, including on infrastructure, ports, energy, MSMEs and others.
Earlier, Rajendranath asserted that the welfare of the poor in the state was the main goal of the vote-on-account budget.
Claiming that Y S Jagan Mohan Reddy was the only CM who regarded the election manifesto as a holy scripture and implemented it, he said, “We could have done more developmental work if not for COVID-19 and a better financial situation.”
According to the Finance Minister, the YSRC government did more than what was required for the poor and downtrodden.
In the previous budgets, Rajendranath underscored that education, health, women’s empowerment and agriculture were given top priority.
Earlier, the state Cabinet approved the vote-on-account budget for 2024-25 under the chairmanship of Chief Minister Jagan Mohan Reddy.
HIGHLIGHTS OF THE BUDGET
Total Budget Size: The budget tabled amounts to Rs 2.86 lakh crore for the fiscal year 2024-25.
Revenue Expenditure: The budget allocates Rs 2.30 lakh crore for revenue expenditure.
Capital Expenditure: A significant portion of the budget, amounting to Rs 30,530 crore, is allocated for capital expenditure.
Revenue Deficit: The estimated revenue deficit for the fiscal year 2024-25 is Rs 24,758 crore, which is around 1.56 per cent of the Gross State Domestic Product (GSDP).
Fiscal Deficit: The projected fiscal deficit is around Rs 55,817 crore, approximately 3.51 per cent of the GSDP.
Previous Fiscal Year Performance: In the previous fiscal year (2023-24), the state incurred a revenue expenditure of Rs 2.28 lakh crore and a capital expenditure of Rs 27,308 crore.
Deficit Figures for Previous Fiscal Year: The revised estimates for fiscal 2023-24 show a revenue deficit of Rs 31,534 crore and a fiscal deficit of Rs 60,154 crore.
Administrative Restructuring: The budget highlights administrative restructuring, including the establishment of 15,004 village and ward secretariats, and an increase in districts from 13 to 26, and revenue divisions from 52 to 77.
Direct Benefit Transfer (DBT) Schemes: Between 2019 and 2024, the state spent Rs 2.53 lakh crore on DBT schemes, contributing to poverty alleviation and improving the standard of living for many families.
Welfare Measures: The budget emphasizes the government’s commitment to welfare measures, including the establishment of village and ward secretariats for last-mile delivery of services and transparent governance.
Infrastructure and Development: Significant allocations have been made for infrastructure development, including investments in ports, energy, MSMEs, and other sectors.
Emphasis on Development: The budget underscores the government’s focus on development despite challenges like COVID-19 and financial constraints.
Implementation of Election Manifesto: The Finance Minister asserts that the government has implemented its election manifesto faithfully, with a focus on the welfare of the poor and downtrodden.
Priority Sectors: Education, health, women’s empowerment, and agriculture continue to be prioritized in budget allocations.
Approval Process: The budget was approved by the state Cabinet under the chairmanship of Chief Minister Jagan Mohan Reddy.
