Amaravati: With an eye on the 2019 general elections, the Telugu Desam government in Andhra Pradesh is gearing up to present a jumbo budget for Rs 2 lakh crore in 2018-19, a staggering rise of over Rs 43,000 crore compared to the ongoing fiscal, the highest probable jump in one year.
Finance Minister Yanamala Ramakrishnudu announced in Amalapuram this afternoon that they were preparing budget proposals for Rs 2 lakh crore for the next financial year despite reduction in state revenue owing to GST. The budget for the next fiscal is expected to be presented in February.
The Lok Sabha polls are due in the first half of 2019, a year in which Andhra Pradesh also faces assembly elections. “The state government is facing financial problems.There is some drop in our revenue because of GST.
We hope to get some funds from the Centre by the end of this month,” Yanamala told a meeting organised as part of the ongoing `Janmabhoomi’ public outreach programme. Andhra Pradesh’s budget for 2017-18 was Rs 1,56,999 crore.
The state so far incurred a revenue expenditure of Rs 86,791 crore against a projected Rs 1,25,911 crore. Capital expenditure stood at Rs 13,939 crore against the proposed Rs 21,959 crore. The state’s revenue deficit touched Rs 14682.74 crore and fiscal deficit Rs 28157.84 crore, according to information posted on the Chief Minister’s Office Real-Time Executive (CORE) Dashboard.
Revenue, as on today, from different sources was Rs 91,595 crore against Rs 1,18,782 crore projected for the fiscal. Andhra collected Rs 5508.19 crore as the state GST but has not received anything under the Central GST yet.
A sum of Rs 2242.97 crore accrued under integrated GST. AP so far got only Rs 14587 crore as grants-in-aid from the Centre this fiscal against the projected Rs 28,598 crore, the CORE Dashboard revealed.