Hyderabad: Telangana’s revenue and expenditure for the first month of the new fiscal (2023-24) appears to be not too bright if borrowings are any indication.
According to the most recent Comptroller and Auditor General (CAG) figures, borrowings account for Rs. 5,029 crore of the total Rs. 15,085 crore in April. Salaries and wages too have increased significantly this April compared to last year for the same month.
The CAG figures also show that the state tax revenue in April is Rs. 9,698 crore, which is about 2% less than in April 2022. The percentage difference is calculated by comparing the actual budget estimates for the fiscal year in each parameter to how much was achieved in a given month.
Salary and wage hikes led to more expenditure
Official sources said initial months are an indication of what the state is going to achieve when compared to budget estimates.
But in an election year, more income will be needed for important schemes, officials said. Stamps and registration income was Rs 990 crore, 2% less than when compared to the same parameter in the previous year’s corresponding month.
Despite pegging expected non-tax income for this fiscal at Rs. 22,808 crores, April recorded only Rs 357, falling short when compared to the same time last year. Salaries and wages have increased massively leading to more expenditure. The state government paid 6,291 crores under this component in April, up from 3,271 crores in April 2022. In April, the state government also spent 1,483 crores towards interest payments in borrowings.
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