The State government in Hyderabad is getting ready to prepare its budget at the end of June, as the newly-elected Prime Minister Narendra Modi’s government is expected to present the full budget for the 2024-2025 financial year by the end of July. Earlier this year, the State government presented a vote on account in March due to the general elections.
The new Union government is likely to present the full budget in July. The State government will first prepare its budget proposals and make changes as needed based on the allocations made to Telangana in the Union budget. The State Finance wing has already started working on increasing revenues to meet the growing needs this year.
Officials mentioned that once the Centre announces the budget outlay for each sector, they will estimate the revenue expenditure and revenue generation. Finance minister Mallu Bhatti Vikramarka has already conducted several meetings with revenue-generating wings to explore opportunities for increasing tax collections to meet the State’s requirements.
The government’s main priority is to waive farm loans of up to Rs 2 lakh by August 15, which would require at least Rs 30,000 crore. In addition to increasing revenue collections, officials are considering selling government lands as another option to raise funds. Revenue officials are currently identifying potential lands for sale and aim to complete the land sales before the budget presentation.
