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Andhra Pradesh Government has pegged the budget outlay for the year 2024-25 at ₹2,86,389 crore for the fiscal 2024-25 as against ₹2.79 lakh crore for 2023-24.
In his sixth budget presentation, in the Assembly in Amaravati on Wednesday, Finance Minister B. Rajendranath Reddy gave primary to welfare with about ₹71,740 crore allocation for welfare of backward classes while keeping infrastructure development in sight. ₹20,000 crore has been allocated for the development of ports in the State.
The Vote on Account Budget projected a revenue expenditure of ₹2,30,110 crore while the capital expenditure is at ₹30,530 crore. The revenue deficit and fiscal deficit have been pegged at ₹24,758 crore and ₹55,817 crore respectively. In the Gross State Domestic Product (GSDP), fiscal deficit is 3.51 percent while revenue deficit is working out to be 1.56 percent.
Referring to the performance of the State Government in the last five years, the Finance Minister said it succeeded in getting ₹10,460 crore Revenue Deficit Grant of 2014-15 released by Centre which has also directed the Telangana Government to pay pending the power dues of ₹6,756 crore to Andhra Pradesh. Apart from resolving the pending issues between Andhra Pradesh and Telangana pertaining to Andhra Pradesh Civil Supplies Corporation, the State Government also secured obtained pending instalments of backward district grants of to the tune of ₹1,050 crore, he said.
As per the revised estimates for the year 2023-24, expenditure was ₹2,28,237.77 crore while the capital expenditure was ₹27,308 crore. The revenue deficit for 2023-24 was ₹31,534.94 crore, whereas the fiscal deficit for the same period was at ₹60,153 crore. The revenue deficit and fiscal deficit amounted to 2.19 per cent and 4.18 per cent of the GSDP respectively.
The State Government ‘convinced’ the 15th Finance Commission to award a higher revenue deficit grant of ₹30,497 crore to Andhra Pradesh and made Centre to approve the revised project cost for Polavaram Project. “Due to Andhra Pradesh Government efforts and cooperation of the Union government, all other issues too are at very advanced stages of resolution,” Reddy said.
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