Andhra Pradesh govt presents Rs 2.24 lakh cr budget for FY 2020-21

Andhra Presh government on Tuesday presented a Rs 2.24 lakh crore budget for financial year 2020-21, a decrease of 1.4 per cent over last year, with an estimated revenue deficit of Rs 18,434 crore and fiscal deficit of a whopping Rs 48,295 crore.

Finance Minister Buggana Rajendranath presented Budget estimates in Legislative Assembly on first day of brief budget session.

1.4 per cent decrease in budget estimates was on account of major ecomic slowdown during COVID-19 pandemic, Finance Minister said.

state's debt burden increased to Rs 3.02 lakh crore at end of March 2020,up from Rs 2.59 lakh crorea year ago.

In 2020-21 fiscal, state's debt is furr estimated to shoot up to Rs 3.48 lakh crore. state's revenue shortfall was a staggering Rs 68,000 crore as revised estimates for 2019-20 showed receipts of only Rs 1.10 lakh crore as against estimated Rs 1.78 lakh crore.

However, Finance Minister projected a revenue of Rs 1.61 lakh crore in 2020-21 fiscal. He proposed an overall expenditure of Rs 2.24 lakh crore during 2020-21, with revenue expenditure alone estimated at Rs 1.80 lakh crore and capital expenditure, including loan repayments, at around Rs 44,396 crore.

"re is thing more important to this government than comprehensive development of AP and its positioning at very top in terms of human development. It is constant endeavour of our government to t just live up to expectations of people but outgrow m by bridging gulf between lost opportunities of past and promises of future," he ded.