Andhra Pradesh presents Rs 2.86 lakh crore Interim Budget

Amaravati, Feb 7: Andhra Pradesh Finance Minister Buggana Rajendranath on Wednesday presented an interim Budget of Rs 2,86,389.27 crore.

The outlay is about 2.5 per cent higher than the previous year.

The budget size for 2023-24 was Rs 2,79,279 crore. The revenue expenditure is estimated at Rs 2,30,110.41 crore, and capital expenditure Rs 30,530 crore. The estimated revenue deficit is around Rs 24,758.18 crore and the fiscal deficit is estimated at around Rs 55,817 crore.

Presenting the last Budget of the YSRCP government before the election, Rajendranath said the fiscal deficit will be around 3.51 per cent of the GSDP, whereas the revenue deficit will be around 1.56 per cent of the GSDP.

In his Budget speech in the Assembly, he said the revenue deficit was Rs 44,487.49 crore and fiscal deficit Rs 52,508.34 crore during FY 2022-23.

"The revenue and fiscal deficit were 3.30 per cent and 3.98 per cent of the GSDP, respectively, for FY 2022-23," he said, referring to finance accounts finalised by the Accountant General of Andhra Pradesh.

The revised estimate for revenue expenditure for FY 2023-24 was Rs 2,28,237.77 crore, whereas the capital expenditure was Rs 27,308.12 crore. The revenue deficit for 2023-24 was around Rs 31,534.94 crore, whereas the fiscal deficit for the same period was around Rs. 60,153.59 crore, which amounts to 2.19 per cent and 4.18 per cent of the GSDP, respectively.

He presented a vote on account Budget of Rs 88,215 crore for 2024-25.

The amount would be utilised until the new government presents a full Budget after the Assembly elections.

Allocations for various welfare schemes have been given priority in the Budget.

About welfare schemes, the Minister said the government spent Rs. 2.53 lakh crore through DBT (direct benefit transfer) and Rs.1.68 lakh crore through non-DBT from 2019-20 to 2023-24.

As a result of this lakhs of families have escaped poverty, uplifted their standard of living, and availed new opportunities for growth and development, he said, noting that this is exemplified by the fact that, the per-capita income (NSDP) of Andhra Pradesh has shown a quantum jump from Rs 1,54,031 in 2018-19 to Rs 2,19,518 in 2022-23 and the rank has improved to 9th from 18th.

He pointed out that Andhra Pradesh in 2018-19, ranked 14th in terms of GSDP growth rate which was 11 per cent. In 2022-23, it was placed fourth with a GSDP growth rate of 16.2 per cent.

"Andhra Pradesh is categorised as 'Top Achiever' in Ease of Doing Business under the Business Reform Action Plan for 2020-21. Andhra Pradesh in 2018-19, ranked 12th in terms of the agricultural sector CAGR of 8.3 per cent. Today, we rank 6th with a CAGR of 13 per cent. Andhra Pradesh is the first and only state to achieve universal coverage of farmers under the Dr YSR Free Crop Insurance scheme," he said.

Referring to bifurcation, the Finance Minister said the state suffered a grievous wound in 2014 but the previous government did not take any substantive measures to amicably resolve the issues or to get rightful entitlements of the state when time was appropriate.

"Our government inherited a legacy of unresolved issues and antagonistic ties with our neighbour. Nevertheless, over the last five years, we relentlessly fought for our rights," Rajendranath said.

He claimed that the government succeeded in releasing of Rs 10,460 crore revenue deficit grant for 2014-15 by the Centre.

"We obtained directions from the Government of India to the State of Telangana to pay the power dues of Rs 6,756 crore to Andhra Pradesh. We resolved the pending issues between Andhra Pradesh and Telangana pertaining to AP Civil Supplies Corporation. We obtained pending instalments of Backward district grants of Rs 1,050 crore. We convinced the 15th Finance Commission to award a higher revenue deficit grant of Rs 30,497 crore to AP; also convinced the GoI to sanction the revised project cost for Polavaram Project," he said.

He mentioned Andhra Pradesh is a young state brimming with ambition and energy but also handicapped by the bifurcation-related disruption and losses. However, being a new state has provided the opportunity to start with a clean slate, reimagine boundaries, and catapult to a high growth path.

The minister said that over the last five years, the government harnessed this opportunity with several path- breaking initiatives that are having a transformational impact on the lives of the people. These initiatives were implemented through Navaratnalu, Manifesto schemes, and strategic interventions.

The programsme have delivered positive outcomes and have met national and global acclaim, he claimed, citing the initiatives for decentralisation of governance, human development, empowerment of women, remunerative and sustainable agriculture and social safety net.