VIJAYAWADA: Ahead of the State budget, likely to be presented after July 10, Chief Minister YS Jagan Mohan Reddy reviewed with Finance department the fund mobilisation plan for the implementation of ‘Navaratnas’.
Jagan directed the officials to plan the budget in such a way as to improve financial resources and also to bring down imprudent expenditure.
As the implementation of ‘Navaratnas’ is estimated to cost the exchequer Rs 42,000 crore a year, Jagan, in a three-hour-long meeting with officials at his residence on Saturday, said focus should be on getting the funds due from the Centre. He said that a strategy should be devised to tap more central funds. He also suggested that the officials find ways to augment the revenue without burdening the people.
It may be recalled that Finance Minister Buggana Rajendranath Reddy, on Friday, said implementation of ‘Navaratnas’ was YSRC government’s top priority and the budget, which would be to the tune of Rs 2 lakh crore, would reflect the same.
Mobilisation of funds for its implementation would be a challenge. He said as revenue generation from new sources was restricted after the GST came into force the government would have to depend on borrowing.
Adding to this is the repayment of interest and principal amount, which would be to the tune of Rs 40,000 crore annually. However, sources said that the Centre has permitted the State government to borrow Rs 20,863 crore from the markets till December.
As the YSRC government has to present a full budget as the previous government presented a vote-on-account budget, the CM, in Saturday’s meeting, also deliberated on the probable dates for convening the session. The officials suggested that the budget be presented after July 10. The session is likely to last for 17 days.
Buggana, Principal Advisor to CM Ajeya Kallam, Special Chief Secretary to CM PV Ramesh, Principal Finance Secretary SS Rawat and other officials were present in the meeting.