The State government of Hyderabad is preparing to secure necessary funds to ensure that welfare schemes and developmental activities are not hindered during the next financial year starting from April 1, 2023. As it is an election year, the government is planning to allocate funds mainly for the implementation of Aasara pensions, Kalyana Lakshmi Pathakam – Shaadi Mubarak, Dalit Bandhu, and the completion of two BHK housing projects. The government has directed revenue-earning departments to ensure 100% tax collection from VAT, Excise, and property registrations without imposing any new tax burden on the common man. The Finance department has devised an action plan to mobilize funds on a monthly basis so that there will be no delay in releasing funds during the next three quarters leading up to the polls.
The government considers April to December a crucial period and aims to fulfill all promises and deliver benefits on time. Despite hurdles from the Centre, the state government succeeded in generating revenue from SOTR in the 2022-2023 financial year and reduced the borrowing limit to Rs 40,000 crore in the new financial year. Out of the Rs 1.31 lakh crore revenue target, the Finance wing aims to generate Rs 12,000 crore and seek Rs 3,000 crore as borrowings from financial institutions every month. The requirement of funds would be Rs 20,000 crore per month to implement all schemes, including salary payments.
The only challenge before the government is to fill the gap of Rs 5,000 crore per month to execute all programs. The government plans to divert some funds earmarked for capital investment to implement welfare schemes and complete development programs if necessary. A high-level meeting of all important wings is proposed to be held in April where the action plan will be announced.
