Preface
Formed in 2014, the Telangana State has made significant progress striking a perfect balance between economic development and social welfare. The Gross State Domestic Product (GSDP) at current prices has grown by 165% from ₹ 5 lakh crore in 2014-15 to ₹ 13.27 lakh crore in 2022-23 contributing to 4.9% of India’s nominal Gross Domestic Product (GDP). The State’s high focus on infrastructural facilities including electricity and industrial policies like TS-iPASS (Telangana State Industrial Project Approval and Self- Certification System), and T-hub have contributed to the huge foreign and domestic investments in the state. Along with the developmental schemes like the Mission Kakatiya, and Kaleshwaram Lift Irrigation project, welfare schemes like Rythu Bandhu, Dalit Bandhu, Aasara pension, etc., have struck the perfect balance between development and welfare.
Objective:
This paper analyses the socio-economic, political and all the other factors of the State on account of the announcement of the annual financial statement, also called the budget 2023-24 of the Telangana State. It aims to compare & contrast between previous budget estimates and revised estimates with the current budget estimates. It brings in front the focus of the government, the economic condition of the state, the benefit it brings to every resident of the state and finally, recommendations to lead the state towards filling the gaps in the current budget for a holistic development.
Introduction:
On 6th February, 2023, Shri Thanneru Harish Rao, Minister of Finance, Government of Telangana, has put in front of the Telangana state assembly, the most awaited document, the budget 2023-24. The size of the budget for the fiscal year 2023-24 was ₹ 2,90,396 crore.
In the overview of the budget, it can be seen that the total tax receipts accounted for ₹ 1.5 lakh crore, which is a significant 17% increase compared to the previous year’s tax receipts, and constitutes more than 50% of the total revenue receipts. There was a gradual increase in all sources of tax receipts with a 2X increase of the land revenue share. The fiscal deficit has decreased by ₹ 4,400 crore compared to the previous budget and stood at ₹ 38,234.94 crore and is 2.7% of GSDP (Gross State Domestic Product which is ₹ 14 lakh crore), which is well within the FRBM (Fiscal Responsibility and Budget Management) limits. The budget has been projected with a revenue surplus of ₹ 4,881.74 crore.
Although more than 60% of the rural population is occupied in agriculture and allied activities, the economy of Telangana is driven by the service sector that contributes to 62.8% of the GSVA (Gross State Value Added), all thanks to Cyberabad. More than 13% of the state’s tax revenue is contributed by state excise i.e., majorly from liquor.
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