AP to present general, farm Budget on Aug 20

The Andhra Pradesh Government is preparing to present its annual budget for 2014-15 on August 20 during the Assembly session beginning August 18.

The maiden budget of the new State of Andhra Pradesh is likely to be about ₹1,00,000 crore and seeks to balance development and welfare measures, Government sources said.

The State Finance Minister, Yanamala Ramakrishnudu, who held a review meeting with the State Planning Department and senior officials in the State Secretariat, has instructed various departments to ensure that ongoing projects are implemented on schedule.

The officials were directed to coordinate with the departments of agriculture, horticulture and allied sectors and prepare a separate budget for the agriculture sector, which is likely to be presented on the same day.

The State Economic Survey will also be released along with the budget announcement.

According to Government sources, the State is likely to request the RBI to allow repayment of farm sector loans over a longer period — possibly 10 years. This is expected to provide much-needed flexibility in the repayment of dues.

As a part of the loan waiver exercise the State Government is working on, the Government is planning escrow accounts for Beverages Corporation, income from sand mining and also from the sale proceeds of confiscated red sanders timber.

This will go towards repayment of crop loans to be waived.

Meanwhile, the Government has written to the RBI seeking rescheduling of loans for the 2013-14 kharif and rabi seasons.

A favourable decision is awaited.