Under GOI (Government of India) loans, the previous budget (2021-22) estimated loans of just Rs 200 crore, but in the new 2022-23 budget, it is sharply increased to Rs 4,102 crore. (Representational Image/ PTI)
Hyderabad: The state government opted for a 'jumbo budget' of Rs 2.56 lakh crore for 2022-23 pinning hopes on Centre's loans and grants-in-aid.
It is not clear how the state government could secure more loans from the Centre while categorically stating that it would not implement Centre's 'loan-linked reforms' such as in the power sector.
Under GOI (Government of India) loans, the previous budget (2021-22) estimated loans of just Rs 200 crore, but in the new 2022-23 budget, it is sharply increased to Rs 4,102 crore. Similarly, under grants-in-aid, the previous budget (2021-22) estimated Rs 38,669 crore, which has now been revised to Rs 28,669 crore. Despite this, the state government estimated on the higher side at Rs 41,001 crore in the 2022-23 budget.
These apart, the state government also pinned its hopes on higher tax and non-tax revenue collections, sale of lands and market borrowings to reach budgetary targets for 2022-23. However, the state government failed to meet last year's budget of Rs 2.31 lakh crore which has now been revised to Rs 2.09 lakh crore. Despite this, it increased the budget size for 2022-23 to Rs 2.56 lakh.
The government estimated that it would earn Rs 15,500 crore through sale of lands, Rs 17,500 crore through excise and sale of liquor, Rs 15,600 crore through property registrations and Rs 4,953 crore through taxes on vehicles etc. The government estimated the state's share in Central taxes at Rs 18,394 crore against Rs 13,990 crore last year.
It also estimated sales tax (VAT) collections at Rs 33,000 crore of which VAT from excise at Rs 19,720 crore. Besides, SGST/ IGST of Rs 36,203 crore was projected.
It also estimated market borrowings at Rs 55,530 crore against Rs 49,350 crore last year and loans for capital expenditure at Rs 3,102 crore. The Centre's taxes and grants were alone estimated at Rs 59,396 crore against Rs 52,660 crore last year.