HYDERABAD: The main focus of Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka’s first Budget was welfare and implementing the six guarantees announced by the Congress. He allocated Rs 53,196 crore for the implementation of the six guarantees, while presenting the Vote-on-Account Budget for 2024–25 in the State Legislative Assembly on Saturday. Bhatti said that provision of additional funds would be made as required, once a complete assessment was done for the six guarantees.
He presented the Budget with an outlay of Rs 2,75,891 crore, of which the estimated capital expenditure is Rs 29,669 crore for 2024–25 and revenue expenditure is projected at Rs 2,01,178 crore.
The Vote-on-Account Budget was the first to be presented by the Congress government after coming to power in the state in December 2023. The central focus of the Budget is the overall development of Telangana.
‘’Presenting our government’s first Budget as a Vote-on-Account Budget is a little disheartening for us. However, the Central government introduced a Vote-on-Account Budget on February 1, 2024. Our government has a clear vision on how to pool resources for our plans and schemes.
As part of that vision, we have the clarity that we need to tap the maximum funds from the Centre under its various schemes. Only after a full-scale Budget is presented by the Centre will we be able to have a reasonable estimate of the funds that might be transferred to us. Hence, we have decided to introduce a full Budget after the Centre presents its regular Budget,” said Bhatti.
“I am happy to announce sanction of 3,500 houses for each Assembly constituency under the Indiramma housing scheme. For this scheme, the government proposes an outlay of Rs 7,740 crore,’’ he said adding that the Regional Ring Road (RRR) will be completed on a fast track and brought to use at the earliest. The government will complete the land acquisition soon and construct a new building for the Osmania General Hospital, announced Vikramarka.
Alleging that the previous BRS government left the state bankrupt, he said the burden of unplanned loans is now posing a challenge. The finance minister added that the state is in a dire economic condition and that it has been reduced to a beggar due to the mismanagement of the previous government.
“The earlier government’s Budget was far from reality. It inflated the receipts and created an illusion that they were providing huge funds for different schemes. The state economy suffered tremendously. Yet, we will stand by the people with planned developmental goals,” Vikramarka said, adding that the Congress government is planning to cut down wasteful expenditure in day-to-day government operations and also by curbing expenditure on unwarranted infrastructural assets.
The finance minister also said that the government would take up the Musi Riverfront Development Project and allocated Rs 1,000 crore for the same. He also announced that the government is committed to decongesting Hyderabad roads.
“The state government is going to have a concrete policy to spread the IT industry across the state. The government is in consultation with US-based organisation, IT SERVE, to set up firms in Tier 2 and Tier 3 cities. This will contribute to equitable development of the state in the IT field. We are also committed to making Telangana the strongest in the area of fiber network connectivity,” said Vikramarka.
Plans to set up 2 dry ports
To facilitate exports, the government has embarked on a plan to set up two dry ports in the state. By setting up dry ports, goods transport for export will be feasible and cost-effective too. This would greatly incentivise exports of goods from the state.
“As developments in the IT sector would lead to providing better facilities to the rural areas and its people, the government will roll out a new IT policy. It is committed to strengthening the IT sector. We will also utilise Artificial Intelligence to better the living conditions in the rural areas as well as for their development,’’ Vikramarka said.
“Our government is committed to implementing Rythu Bharosa, Indiramma houses, Cheyutha and Yuva Vikasam. We are committed to implementing them at the earliest,” said the finance minister.
Two-pronged strategy
Stating that this Budget is to fulfil the Congress government’s commitment of establishing Indiramma Rajyam in Telangana, Vikramarka said that the central focus of the Budget is overall development of the state. “I propose two-pronged development of Telangana — development of weaker sections by spending budget resources on the six guarantees with a rational principle,” he said, adding that no family below the poverty line should be left untouched.
“The six guarantees — Mahalakshmi, Rythu Bharosa, Gruha Jyothi, Indiramma Houses, Yuva Vikasam, and Cheyutha — would also be implemented. At the same time, this Budget keeps in mind a vast agrarian sector to boost production. We also keep urban development with a planned industrialisation and production,” Vikramarka explained.
