HYDERABAD: With a special emphasis on empowering people belonging to weaker sections, the State government is all set to introduce Rs 1.46 lakh crore budget for Telangana for the fiscal year 2017-18 in the State Legislature on Monday.
First priority is expected to be given to welfare schemes, whereas education and health are expected to get second priority followed by agriculture and irrigation in the Budget.
While Finance minister Etela Rajender will present the budget in the State Assembly, deputy Chief Minister Kadiam Srihari will introduce the same in the Council on Monday, simultaneously.
The timing of the Budget presentation in both the Houses was changed after the State Cabinet meeting held under the chairmanship of Chief Minister K Chandrasekhar Rao at Pragathi Bhavan on Sunday evening. “The budget will be presented in both the Houses at 12.00 noon instead of 11.30 am. All the members of the two Houses have been informed about the changed timings,” Assembly secretary S Raja Sadaram issued a statement on Sunday.
New format this time
The State budget has been prepared in a new format in accordance with the latest guidelines issued by the Union government. That means, the Plan and Non-Plan expenditure classification has been replaced with Capital and Revenue in the 2017-18 budget.
“This decision has been taken in tune with the budgetary reforms introduced by the Centre. Budget estimates have been prepared in capital and revenue expenditure format,” said Finance minister Rajender.
As the Plan and Non-Plan expenditure classification has been scrapped, the SC and ST plans in the budget will be called SC Development Fund and ST Development Fund hereafter, he added. Rajender said the budget had been prepared with a special focus on reviving rural economy and empowering weaker sections, who depend on hereditary professions.
Defending the State government’s act of borrowing money from various resources increasing the debt burden on the exchequer, the Finance minister said, “If we want to develop the state, we need to obtain loans from various sources to raise the required money. What is wrong in it?”
Earlier in the day, the State Cabinet, which met at Pragathi Bhavan, approved the budget for 2017-18.