Telangana Unveils Ambitious Budget Amidst Mounting Debt Concerns
Telangana’s Deputy Chief Minister and Finance Minister, Mallu Bhatti Vikramarka, presented the state’s budget for the fiscal year 2024-25, unveiling an ambitious plan with a focus on agriculture and welfare schemes. However, the budget presentation also highlighted the state’s escalating debt burden, which has grown tenfold since its formation in 2014.
Navigating Financial Challenges in a Decade of Growth
Vikramarka acknowledged the formidable challenge of managing the state’s finances, citing a debt that has ballooned from Rs 75,577 crore in 2014 to a staggering Rs 6,71,751 crore in 2023-24. This exponential increase in debt, coupled with rising expenditure, has necessitated prudent fiscal management and a reassessment of spending priorities.
A Proactive Approach to Fiscal Responsibility
The newly elected Congress government, led by Chief Minister A. Revanth Reddy, has taken initial steps to address the escalating debt by streamlining expenses and controlling “frivolous expenditure.” The government has also emphasized its commitment to fulfilling election promises, including job creation and the implementation of various welfare schemes.
Summary: Telangana’s 2024-25 budget, presented by Deputy Chief Minister Mallu Bhatti Vikramarka, outlines an ambitious plan focused on agriculture and welfare schemes. However, the budget also highlights the state’s mounting debt, which has grown tenfold since its formation in 2014. The new Congress government has taken initial steps to manage the debt and fulfill its election promises, including job creation and the implementation of welfare schemes.
Key Learnings:
| Point | Description |
|---|---|
| Budget Allocation | The budget allocates funds to agriculture, SC/ST welfare, rural development, irrigation, power, medical, health, roads, buildings, police, industries, IT, women and child welfare, forests, environment, and more. |
| Debt Burden | Telangana’s debt has increased tenfold since its formation in 2014, reaching Rs 6,71,751 crore in 2023-24. |
| Fiscal Management | The new government is focused on controlling frivolous expenditure, streamlining salaries, and fulfilling election promises. |
| Job Creation | 31,768 job appointment orders have been issued so far. |
| Welfare Schemes | The budget emphasizes welfare schemes, including a farm loan waiver of Rs 2 lakh, free electricity up to 200 units, and subsidized LPG cylinders. |
| Criticism by Opposition | Former CM K. Chandrashekar Rao criticized the budget as “unfriendly” to farmers and accused the government of dropping several welfare schemes introduced by his administration. |
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