AR Reddy presents Rs 1,28,542 crore budget
Andhra Pradesh Finance Minister Aanam Ramanarayana Reddy Wednesday unveiled a Rs 1,28,542 crore Budget for the 2011-12 financial year, projecting a fiscal deficit of Rs 17,602 crore.
Hyderabad: Andhra Pradesh Finance Minister
Aanam Ramanarayana Reddy Wednesday unveiled a Rs 1,28,542 crore
Budget for the 2011-12 financial year, projecting a fiscal
deficit of Rs 17,602 crore.
The size of the budget is about Rs 15,000 crore more than
last year`s budget estimate of Rs 1.13 lakh crore. This is the
fourth consecutive year that the state`s Budget has been
pegged at over Rs 1 lakh crore, despite actual spending
falling way short of projections.
This was Ramanarayana Reddy`s maiden budget, which he
presented at 11.43 am, the `muhurtam` set for the occasion.
The Finance Minister pegged tax revenue in 2011-12 at Rs
56,438 crore, as against Rs 46,999 crore in the 2010-11
financial year. Non-tax revenue is expected to be Rs 12,339
crore, while central funds are projected at Rs 32,218 crore,
including the state`s share of central taxes at Rs 16,826
The Plan outlay for 2011-12 has been put at Rs 47,558
crore and non-plan outlay at Rs 80,984 crore.
"Our state economy is likely to grow by 8.89 per cent in
the year 2010-11, notwithstanding the heavy rains and floods
which have adversely impacted the farming and allied sectors.
The Gross State Domestic Product at current prices is
estimated at Rs 5.65 lakh crore, while per capita income
during 2010-11 is estimated at Rs 60,224," the Finance
Minister said in his Budget speech.
The state is expected to achieve an industrial growth
rate of 7.79 per cent in 2011-12, while the services sector is
expected to expand by 9.61 per cent, he said.
"The good growth in GSDP is also expected to translate
into buoyant revenue collections in the coming year at
approximately 20 per cent higher than the current budget,"
"Our government is committed to continue all welfare
programmes, while equal emphasis has been laid on development
programmes by continuing substantial allocations to
infrastructure sectors like irrigation, roads, water supply
and power," he said.
He said the government will introduce a Comprehensive
Financial Management System (CFMS) for providing a seamless
interface with all stakeholders and putting in place an
efficient mechanism of electronic information sharing with
external stakeholders in budgeting and accounting processes.
A sum of Rs 100 crore has been earmarked in the 2011-12
Budget for implementation of the CFMS.