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Telangana in for April crunch
Although the Telangana government presented a rosy revenue surplus budget for 2018-19 in the Assembly, it would be facing a major challenge in the first month (April) of new financial year as it would require nearly Rs 11,000 crore to meet the financial requirements for the implementation of newly-launched crop investment support scheme,
​Hyderabad: Although the Telangana government presented a rosy revenue surplus budget for 2018-19 in the Assembly, it would be facing a major challenge in the first month (April) of new financial year as it would require nearly Rs 11,000 crore to meet the financial requirements for the implementation of newly-launched crop investment support scheme, increased benefits under Kalyana Laxmi, subsidy on round the clock power supply to agriculture and the setting up of new residential educational institutions for different communities as proposed in the budget.
It may be mentioned here that the government has earmarked Rs 12,000 crore for the investment support scheme in the new financial year under which Rs 8,000 will be given per acre for two crops to every farmer in Kharif and Rabi seasons. As a first instalment, nearly 70 lakh farmers will be given Rs 4,000 per acre.
As Chief Minister K Chandrasekhar Rao already announced that the first phase of investment support scheme would be implemented by distributing cheques directly to the farmers in April third week, the government requires at least Rs 6,000 crore for the purpose.
Officials said about Rs 3,500 crore would be required for the disbursement of salaries and pensions for the month of April. The government has announced an increase in the amount to be given under Kalyana Laxmi scheme to Rs 1 lakh from the present Rs 75,000. The government has also proposed to open new residential schools which would require about Rs 1000 crore. However, it has time till June for this.
The increased distribution of KCR Kits and newly-announced pensions for different communities mainly toddy-tappers have put additional burden of Rs 500 crore on the state exchequer. Officials said that since it is the first month of the new financial year, the revenue collections through Commercial Taxes department (including GST), Stamps and Registrations and Transport departments will be slowed down.
The revenues generated through liquor sales by the Excise and Prohibition department will only remain constant as the sales were increasing every month. It is estimated that the total revenue collections in April will not be more than Rs 4,000 crore. Whereas, the funds required will be additional Rs 8,000 crore.
In the backdrop of this situation, the government is planning to go for market borrowing to meet the expenses. A decision in this regard will be taken by the Finance Minister after consulting Chief Minister K Chandrasekhar Rao in a week or 10 days, said the sources.
