The Andhra Pradesh Budget for 2012-13 was up 14 per cent at Rs 1,45,854 crore with non-Plan allocation at Rs 91,824 crore, reflecting an increase of 13.89 per cent and Plan outlay at Rs 54,030 crore, up 13.61 per cent over the current financial year.
Describing the budget as development-oriented, the State Finance Minister, Mr Anam Ramnarayana Reddy, did not propose any hike in State taxes, while increasing the allocation to two pet schemes. The rice subsidy was up 20 per cent at Rs 3,000 crore (Rs 2,500 crore) and the power subsidy component was increased 28 per cent at Rs 5,500 crore (Rs 4,300 crore).
The increase in non-Plan outlay was up by nearly 14 per cent mainly due to transfer of some of the components such as salaries and pensions and also for creating flexibility for new job creation, Mr Reddy stated.
He said the AP economy was witnessing a strong growth phase since 2004-2005. Between 2005-2006 and 2011-12, the State economy registered a growth of 9.26 per cent against the country’s overall growth of 8.64 per cent. The Gross State Domestic Product (GSDP) for 2011-12 was lower now at 6.81 per cent, impacted by economic slowdown and agitations, against the national figure of 6.88 per cent.
The Government estimates a revenue surplus of Rs 4,444 crore and the fiscal deficit of Rs 20,008 crore, the latter at 2.5 per cent of GSDP. The overall State debt is likely to go up to Rs 1,60,191 crore during 2012-13 against Rs 1,39,668 crore this fiscal.