AP Finance Minister Buggana presents budget of Rs 2.79 lakh crores with focus on welfare schemes
- AP government allots Rs. 15, 882crore for Medical, Health and Family welfare in 2023-24 budget
Amaravati, Andhra Pradesh, March 16, 2023: Andhra Pradesh Government has presented a budget with an outlay of Rs 2.79 lakh crores for the financial year 2023-2024 with focus on welfare and the tone pronouncing that Navaratnalu has a strong reflection on sustained development.
Presenting the budget, Finance Minister Buggana Rajendranath Reddy said that the vision of Chief Minister YS Jagan Mohan Reddy has been entwined in the welfare agenda with enhanced social security system, more thrust on economic uplift of farmers, women empowerment, and handholding of weaker sections.
The Revenue expenditure is pegged at Rs 2.28 lakh crores while the capital expenditure is estimated to be Rs 31,061 crore. The revenue deficit works out to Rs 22,316 crore and fiscal deficit placed at Rs 54,587 crore. The fiscal deficit would be 3.77 percent of GSDP while revenue deficit would 1.54 percent of GSDP.
Welfare has taken a lion’s share of the budget allocation with YSR Pensions getting Rs. 21,434.72 crores and the total Direct Benefit Transfer (DBT) running into Rs 54,228.36 crore.
The Chief Minister, in a tweet, termed the budget as welfare-development oriented with education, health, Medicare, farmers’ wellbeing and women empowerment being the core areas and going ahead with the poverty alleviation programme.
The finance minister, who interspersed his budget speech with quotations from renowned people from politicians to economists to Presidents to poets, drew a huge round of applause for his quote on women empowerment which resulted in an encore.
In the educational sector, Amma Vodi gets a major chunk of Rs. 6,500crore while Jagananna Vidya Deevena, Jagananna Vasathi Deevena, Jagananna Vidya Kanuka and Mana Badi Nadu-Nedu are allotted Rs. 2,841.64crore, Rs. 2,200crore, Rs. 560crore and Rs.3500crore respectively.
The annual budget showed its commitment for economic empowerment of weaker sections of society by allotting Rs.38,605crore for BC component, Rs.20,005crore for SC component, Rs. 6,929crore for ST component, Rs. 4887crore for Kapu welfare and Rs.4,203crores for Minority welfare.
Recognizing the importance of priority sectors, the finance minister has allotted Rs. 15, 882 crores for Medical, Health and Family welfare, Rs. 15, 873crore for Panchayat Raj and Rural Development, Rs. 9,381crore for Municipal and Urban Development, Rs. 6700crore for YSR Asara, Rs. 5000crore for YSR Cheyuta and Rs. 1600crore for YSR-PM Bima Yojana.
While Industry and Commerce was allotted Rs. 2602 crore, YSR Rythu Bharosa got Rs. 4,020 crores. The allotment of Rs.5600crore for housing for the poor will boost up construction sector across the state, while tourism, culture and youth development will get a facelift with the allotment of Rs. 1291 crore.
With the allotment of Rs. 1166 crore for skill development, more youth will get opportunities to learn new skills. The other major allocations are Rs. 3000 crores for price stabilization, Rs.1000 crore for zero interest loans for DWCRA associations and Rs.1212 crore for agricultural mechanization.