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No new taxes in Rs 2.38 billion deficit AP budget

No fresh taxes were proposed in the Rs 2.38 billion deficit budget presented to the Andhra Pradesh assembly by Finance Minister P Ashok Gajapathi Raju today.

The highlights of the budget are: a quantum jump in the budgetary allocation for the next year's plan to Rs 46.79 billion, reflecting an increase of 22.8 per cent over the current year's outlay; increased provisions for social welfare, irrigation sectors and tourism promotion.

The budget lays emphasis on the development of infrastructure and the implementation of the ambitious 'Vision 2020', a strategy document articulating the development goals to be achieved by the state by that year.

In his 74-page budget speech, Raju said about 26 per cent of the plan outlay was earmarked for social services sector. While agriculture and irrigation sectors accounted for 26 per cent of the plan outlay, energy and transport sectors were allocated 20 and 10 per cent respectively.

The government has programmed for an expenditure of Rs 149.45 billion under the non-plan and Rs 45.89 billlion under the plan which would result in a revenue deficit of Rs 5.89 billion.

Raju said the plan outlay for the current year, as approved by the Planning Commission, was Rs 35.85 billion. But an outlay of Rs 38.09 billion was made in the budget, keeping in view the development needs of the state.The revised estimate was marginally higher at Rs 38.60 billion.

Referring to the subsidised rice scheme, Raju said Rs 7.12 billion had been allocated for the scheme in the budget. The government had decided to raise the income norm for eligibility from Rs 6,000 to 11,000 per annum.

UNI

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