Andhra Pradesh Government is likely to give primacy to allocations on the welfare schemes and augmenting infrastructure in the upcoming State budget for the financial year 2023-24. The State Budget session is likely to start from February 27.
According to reliable sources, the State Government is of the opinion that the welfare schemes, being implemented from 2019 under the `Navaratnas’ were ‘effective’ in ensuring the social and economic development, especially of the disadvantaged sections and had earned `good will’ to the YSRCP Government.
There could be higher allocations and introduction of few new schemes while keeping the overall fiscal situation under control as this will be the last full budget to be presented by the State Government ahead of assembly polls slated for May 2024.
“In view of the top priority being given by the Government to attracting investments to the state, a special focus is likely to be given on augmenting the physical infrastructure in the state as the government is also working on the new industrial policy and incentives to industries,’‘ said a source.
State Finance Minister Buggana Rajendranath was cautious enough in the budget for the current financial year ending March 31, 2023 in controlling the overall expenditure. The increase in the size of the budget was not phenomenal as an expenditure of ₹2.56 lakh crore was pegged for the year 2022-23 compared to ₹2.29 lakh crore in the previous year. The revenue expenditure and capital expenditure would stand at ₹2,08,261 crore and ₹47,996 crore, respectively. The revenue deficit was estimated at ₹ 17,036 crore and the fiscal deficit at ₹48,724 crore.
The fiscal deficit was projected to be around 3.64 per cent of the GSDP, whereas the revenue deficit was to be around 1.27 per cent of the Gross State Domestic Product (GSDP).
However, in the ensuing budget the finance minister is expected to loosen the strings of the public purse and go for more `transformational changes’ by higher allocations.