Budget Session Of Assembly Likely In First Week Of February

Hyderabad, Jan 21 (Maxim News): The Budget session of the Telangana State Legislative Assembly is likely to be held in the first week of February. Minister for Finance T. Harish Rao may present the Vote-on-Account budget for the year 2023-24 tentatively on either February 3 or 5.

With the Union Budget for 2023-24 scheduled to be presented in the Parliament on February 1, the State government will get clarity on the budget allocations from the Central government including the Fiscal Responsibility and Budget Management (FRBM) limits as well as the tax devolutions (States share in the Central taxes)

According to the official sources, it is indicated that the State Budget is being pegged around Rs.2.85 lakh crore to Rs. 3 lakh crore for 2023-24. The Finance Department already started Budget preparations a couple of weeks ago and obtained necessary proposals from all government departments for various schemes and programs being implemented in the State along with salaries and other expenditures. After ascertaining the Centre’s allocations to Telangana for 2023-24, the Budget will be presented in the Assembly.

The sources said during this fiscal, Telangana recorded an impressive 19-20 percent growth in the State-owned Tax Revenue which is considered to be the highest in the country, this comprises both tax and non-tax revenue, (Major growth is seen from the liquor sales, stamps, and registration, sales of govt lands, petroleum products) However, the preliminary estimates indicate that Telangana continues to maintain a higher growth rate in Gross State Domestic Product (GSDP) at more than 10 percent at constant prices.

The Budget outlay for 2022-23 was Rs. 2.56 lakh crore including revenue expenditure of Rs. 1.89 lakh crore and capital expenditure of Rs. 29,728.44 crores i.e. a total expenditure of Rs. 2.18 lakh crore. Sources said due to increased State Own Tax Revenue, the overall expenditure has already crossed Rs. 2 lakh crore and is expected to be more than Rs. 2.15lakh crore by the end of this financial year.

Though the State Budget is traditionally presented in March, the Chief Minister has reportedly asked the officials to complete the fiscal exercise and make arrangements to present the State Budget in February itself, so that the Chief Minister may shift his attention to National politics by the end of February. (Maxim News)

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