The state government has presented an inclusive budget for 2024-25 with an outlay of Rs 2.91 lakh crore, focusing heavily on agriculture.
The Congress government has allocated Rs 72,000 crore to agriculture, making up 25% of the total budget. They also introduced three new schemes: Rs 12,000 crore for financial assistance to farm laborers, a Rs 500 bonus for paddy, and the Indira Life Insurance Scheme up to Rs 10 lakh for women groups.
Finance Minister Mallu Bhatti Vikramarka stated that despite financial challenges like increased debt and a slowdown in tax collections, the government aims to promote the farm sector while maintaining existing welfare schemes. The budget proposes Rs 2.20 lakh crore in revenue receipts and Rs 33,487 crore in capital expenditure.
To support these schemes, the government has increased its tax revenue target to Rs 1.38 lakh crore and non-tax revenues to Rs 35,200 crore.
The funds allocated for agriculture will cover various initiatives such as farm loan waivers, farm laborer welfare, Rythu Bharosa, agricultural insurance, paddy bonuses, Rythu Nestham, and the promotion of horticulture and animal husbandry.
The minister noted that while the country’s economy grew at an average rate of 7.6%, Telangana’s growth was slightly lower at 7.4%. This has prompted the government to place greater emphasis on agriculture.
Other key sectors like Education, Health, Irrigation, Women and Child Development, Municipal Administration, Panchayat Raj, and Rural Development have also received significant allocations. The budget prioritizes the welfare sector, with substantial funds earmarked for SC, ST, BC, and minority welfare.
Bhatti Vikramarka also mentioned that the six guarantees, including Indiramma houses, will be implemented this financial year. Rs 20,000 crore will be allocated to promote self-help group members under the Indira Mahila Shakti scheme.
The government plans to introduce reforms in all revenue-generating departments to stabilize the state’s financial position by increasing both tax and non-tax revenues.
Lastly, the Finance Minister highlighted that special emphasis will be placed on strengthening the policing system to tackle growing cybercrime and drug issues, with necessary funds allocated for this purpose.
