Hyderabad, June 12 (Maxim News): The Telangana government headed by Chief Minister Revanth Reddy is gearing up for budget preparation by the end of June.
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Keeping in view the reports that the newly elected Prime Minister Narendra Modi’s government would present a full budget for the 2024-25 financial year by July end of this year. The State government has presented a vote on account in March this year given the general elections.
The new Union government is likely to present the full budget in July. The state government will prepare the budget proposals first and change them, if required, based on the allocations made to Telangana in the Union budget. “The State Finance wing has already started an exercise to increase the revenues to meet the growing needs in the current financial year.
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The estimation of the revenue expenditure and revenue generation will be calculated once the Centre announces budget outlay for each sector,” officials said, adding that Finance Minister Mallu Bhatti Vikramarka had already held several rounds of meetings with revenue-generating wings and enquired about the chances of increasing tax collections to meet the State’s needs.
The government’s priority is the waiver of farm loans of upto Rs. 2 lakh by August 15 this year. It requires at least Rs. 30,000 crore. Apart from increasing revenue collections, officials said that the other option to mobilize funds is the sale of government lands. Revenue officials said that the other option to mobilize funds is the sale of government lands. Revenue officials are already on the job to identify the potential lands for sale. Before the presentation of the budget, the lands should be sold. (Maxim News)
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