Y S Jagan Mohan Reddy govt presents its 1st budget
Amaravati: The Y S Jagan Mohan Reddy government Friday presented its first Budget in the Andhra Pradesh Legislature with a total outlay of Rs 2.27 lakh crore for 2019-20.
In February, the then Telugu Desam Party government had presented a Rs 2.26 lakh crore vote-on-account budget ahead of the general elections.
The revised estimates for 2018-19 showed a cut of over Rs 29,000 crore in the budget, against the Rs 1.19 lakh crore estimates presented in March last year.
Finance Minister Buggana Rajendranath, who presented his budget, estimated that the revenue deficit would be Rs 1,778.52 crore and the fiscal deficit Rs 35,260.58 crore.
The huge revenue deficit continues to be a cause for concern as the state, reeling under an acute financial crisis, is faced with a mounting expenditure bill with the introduction of numerous new doles for different sections.
As per the figures given by the Finance Minister, the revenue deficit in 2018-19 was estimated to be Rs 11,654.91 crore, down from Rs 16,151.68 crore in the previous year.
Of the total expenditure of Rs 2,27,974.99 crore proposed in the 2019-20 Budget, revenue expenditure estimated alone would be Rs 1,80,475.94 crore, Finance Minister Buggana said.
Capital expenditure was estimated at Rs 32,293.39 crore, including Rs 8,994 crore towards principal repayment of public debt.
Incidentally, the states debt burden soared to Rs 2,58,928 crore by the end of the 2019 fiscal.
"This government has inherited probably one of the worst financial positions ever inherited in the history of our country.
The debt of the residuary state at the time of bifurcation (in June 2014), which was Rs 1,30,654 crore, reached a whopping Rs 2,58,928 crore by 2018-19," Buggana said.