TS Budget to fulfill KCR poll promises

HYDERABAD: Chief Minister K. Chandrashekar Rao directed finance minister T. Harish Rao and finance officials to allocate adequate funds in the upcoming Budget for the Rs 1 lakh crop loan waiver scheme, the new Pay Revision Commission for employees and pensioners, monthly unemployment allowance of Rs 3,016 and Rs 5 lakh each to build a 2BHK for beneficiaries having their own plots.

All these schemes were major poll promises of the TRS during the 2018 Assembly election campaign but could not be implemented due to financial constraints on account of economic slowdown and the subsequent Covid-induced financial crisis.

However, revenue earnings have bounced back since November on the back of increased collections through GST, VAT, property and vehicle registrations and excise.

The Chief Minister chaired a meeting at Pragathi Bhavan on Saturday to give final touches to the Budget for 2021-22, which is expected to be tabled in the Legislature in the third week of March. He gave his directions after going through the proposals submitted by various departments.

Harish Rao, Chief Secretary Somesh Kumar, finance principal secretary K. Ramakrishna Rao and senior officials were present. According to the report submitted by officials, the government's revenue earnings through commercial taxes touched Rs 50,000 crore till February-end with liquor sales alone contributing Rs 15,000 crore. The finance department expects to earn an additional Rs 10,000 crore in this fiscal’s last month.

Based on these projections, the Budget size for 2021-22 is likely to be in the Rs 1.6 lakh crore to Rs 2 lakh crore range. Last year, the government presented the Budget with an outlay of Rs1.82 lakh crore.

Though the government is expected to fall short in meeting budgetary targets of the previous year by Rs 30,000 crore, it hopes to cover this deficit in the upcoming Budget by mobilising an equal amount through the auction of government land in prime areas and revising the market values of lands.