Andhra Pradesh cabinet approves Annual Budget 2022-23, to be introduced in a short while

The Andhra Pradesh 2022-23 annual budget has been approved by the state cabinet headed by CM YS Jagan Mohan Reddy on Friday. Arriving at the Secretariat with copies of the budget, Finance Minister Buggana Rajendranath Reddy first conducted special pujas at the temple and will introduce it in the Legislature at 10:15 p.m.

Finance Minister Buggana, who has allocated more share to the major sectors, said more allocations would be made to the agriculture, women's welfare, education, and medical sectors. Minister Buggana said that the budget was prepared giving priority to the Navratna schemes.

However, the socio-economic survey in the context of the state budget 2021-22 was released by CM YS Jagan. With a growth rate of 18.47 percent, the government has recorded the highest growth rate in the history of the state. Planning Secretary Vijay Kumar said that the growth rate in GSDP in the social and economic survey 2021-22 has increased significantly. AP claimed to have surpassed the national average rate in achieving growth in all sectors. T

Meanwhile, the agriculture sector recorded a growth of 14.5 percent while the industrial sector recorded 25.5 percent and the service sector 18.9 percent respectively. On the other hand, the per capita growth rate has also increased by Rs. 31,000 to 17.5 percent.

The AP state budget is estimated to be around Rs 2.50 lakh crore and is likely to include allocations for several key projects, including development projects, infrastructure, and irrigation projects. In this budget, Rs 350 crore will be allocated in the form of a constituency fund at the rate of Rs 2 crore per MLA. It is estimated that it will cost about Rs 50,000 crore in the form of direct benefits to the beneficiaries.