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TG stares at financial crisis as revenues take a beating
Only 46.7% of State’s revenue receipts are met at Rs 1.03 lakh crore during the first eight months of current financial year against actual budget estimate of Rs 2.21 lakh crore
Hyderabad: Telangana is staring at a financial crisis as the revenues generated in the last three quarters (till November) has been below expectations. Despite taking up a slew of measures to increase the revenues, the state government has been struggling to achieve the revenue targets set in 2024-2025 financial year.
Only 46.7 per cent of the State's revenue receipts were met at Rs 1.03 lakh crore during the first eight months of the current financial year (till November), against the actual budget estimate of Rs 2.21 lakh crore which is an indication of probable financial stress in the coming months.
According to the latest report of the Comptroller and Auditor General (CAG) on Telangana's finances up to November, the total receipts (Revenue and capital receipts) achieved only 51.5 per cent to Rs 1.41 lakh crore against the budget estimated Rs 2.74 lakh crore.
Non-tax revenues of the state took a beating with just 14.82 per cent (Rs 5,217 crore) against the target of Rs 35,208 crore, impacting the overall performance. Capital expenditure stood at about Rs 21,000 crore, 62.2 per cent of the budgeted Rs 33,500 crore.
The state government borrowed Rs 37,850 crore till November this year, thus utilising 71.7 per cent of the budget estimates of Rs 49,255 crore. With just three months left in the financial year, it remains to be seen the overall achievement of the key indicators.
To meet the financial requirements, the state government has already begun to exercise to sell the costly government lands and also mortgage the lands to the banks. It is learnt that a noted private bank gave nearly Rs 9,000 crore as loan on the mortgage of a piece of land in Hyderabad. These funds would be utilised for the Rythu Bharosa scheme which is being launched after the Sankranti festival in January.
