Hyderabad: Chief Minister K Chandrashekhar Rao today declared that in spite of the nation-wide economic slowdown and its direct and indirect impact on the State’s financial position, his government would continue all its welfare and development programs.
Expressing concern over financial slowdown with bad impact on all sectors in the country, Chief Minister K Chandrashekhar Rao today presented full budget of Rs 1,46,492.30 crore for 2019-20 financial year.
The Chief Minister informed the House that the budget includes Rs 1,11,055 crore revenue expenditure, Rs 17,274.67 crore capital expenditure, Rs 2,044.08 crore surplus and financial deficit of Rs 24,081.74 crore in the budget proposals.
Presenting the budget proposals in the Assembly on the first day of the budget session on Monday, KCR said despite economic slowdown his government offers priority for welfare, agriculture, irrigation, and other key sectors. He reasoned that despite the Centre failing to provide additional funds to the new State and slump, the State government came up with budget proposals to boost welfare, all key sectors, and uplift of poor and deprived sections in the State. “Recession is affecting all sectors in the country. While many States were heading towards recession, Telangana’s growth rate is remarkable,” he said hoped that the situation would soon improve.
KCR assured corruption-less and transparent governance with speedy delivery at people’s doorsteps. He also promised to uplift farmers, poor and weaker sections with a proper plan of action. He declared that the Rythu Bandhu and Rythu Bheema schemes will continue and offered to earmark Rs 339 crore to gram panchayats for development every year. He also said the government would pay Rs 1,137 crore towards insurance premiums for farmers. Claiming that Telangana is second to none in the country in welfare, he said he would give Rs 6,000 crore for crop loan waiver and also Rs 12,000 crore for Rythu Bandhu schemes.
The Chief Minister said his government doubled the wealth in five years from 4.2 percent to 10.5 percent growth, while the Centre’s came down to 5 percent from 7 percent and rupee fell down at Rs 72.46 at the international market. He said 57-year-old people would also get old-age pension and earmarked Rs 9,042 crore for Asara pensions. To fill up 95 percent jobs to local people in the new zonal system, we0 have cleansed up the old acts and got new ones for growth, he added.
The budget session commenced at 11.30 am with Speaker Pocharam Srinivas Reddy offering floral tributes to poet Kaloji Narayana Rao’s portrait at the Assembly Lounge. Finance Minister T Harish Rao presented the Budget in the State Legislative Council.