AP tables Rs 1.57 lakh crore budget for 2017-18
- Education, Rural Development takes lions share
- CM’s pet wings IT, Amaravati get low allocation
Amaravati: Minister for Finance Yanamala Ramakrishnudu tabled 2017-18 budget estimates in Andhra Pradesh Assembly on Wednesday. He presented Rs 1,56,999 crore budget for the year with Rs 1,25,911 crore revenue expenditure and Rs 31,087 crore capital expenditure. It was the third budget in the State after bifurcation and the first budget in the new capital Amaravati.
The new budget has the highest allocation for the Education Department with Rs 20,387 crore followed by rural development with Rs 19,565 crore. Chief Minister N Chandrababu Naidu’s pet wings of Information Technology and Amaravati were given Rs 364 crore and Rs 1,091 crore respectively. Interestingly Andhra Pradesh budget had more allocation for agriculture, Rs 9,090 crore, while industries got just Rs 2,085 crore.
Presenting the budget, finance minister Ramakrishnudu said that the State was marching ahead on the directions set in the Vision 2029 by the Chief Minister. The State has recorded 11.5 per cent growth rate in the last two years with the clear directions and would further record the highest growth rate in the country in the years to come.
Keeping aside the expenditure projections for the year, the finance minister had placed revenue projections as high as Rs 82,855 crore of which Rs 53,717 crore from the State tax revenue and Rs 29,138 crore as the Central tax revenue. The finance minister also projected Rs 37,548 crore as the expected funds from the Center to the State for the financial year under different heads. In addition to this, the State is expecting to net Rs 39,321 crore from the Sales tax, 5,886 crore from the excise and Rs 5,092 crore from the non-tax sources.
The government had also allocated Rs 500 crore to be provided to the unemployed youth towards monthly stipend, a promise that was made by the TDP during the 2014 elections. This is in addition to Rs 275 crore allocated for the youth welfare. With regard to the loan waiver for the farmers, the budget had Rs 3,600 crore. However, the women received over 2,000 crore for the year of which Rs 1,600 crore as capital investment for the self-help groups and Rs 400 crore for the women empowerment. The government had also allocated Rs 250 crore additionally for the women to provide LPG connections under Deepam scheme.