Telangana’s Budget for the fiscal year 2024-25 has surged to Rs. 2.75 trillion, marking a significant increase in allocations. The budget was presented in the Assembly by Finance Minister Bhatti Vikramarka. It includes provisions for various sectors aimed at fostering socio-economic development and ensuring justice. The government, in its commitment to prioritize the welfare of its citizens, has outlined six key guarantees in the budget.
In a bid to stimulate economic growth and address financial challenges, the government has allocated Rs. 2,01,178 crores for revenue expenditure and Rs. 29,669 crores for capital expenditure. This reflects a concerted effort to balance development initiatives while maintaining fiscal stability.
Telangana State Budget Allocations 2024
A Breakdown of Guaranteed Funds totaling Rs. 53,196 Crores
Telangana State has recently announced its budget allocations for the fiscal year 2024, reflecting its commitment to various sectors. Let’s delve into the details of these allocations:
Agricultural Sector: Rs. 19,746 Crores
The agricultural sector, being the backbone of Telangana’s economy, receives substantial support with an allocation of Rs. 19,746 Crores.
Panchayati Raj and Rural Development: Rs. 40,080 Crores
Recognizing the importance of grassroots governance and rural development, the state allocates Rs. 40,080 Crores to the Panchayati Raj and Rural Development sectors.
Irrigation Department: Rs. 28,024 Crores
Ensuring effective water management and irrigation facilities, Rs. 28,024 Crores are allocated to the Irrigation Department.
IT Department: Rs. 774 Crores
Emphasizing technological advancements, the IT Department receives Rs. 774 Crores to foster innovation and digital growth.
Housing Sector: Rs. 7,740 Crores
Addressing housing needs, an allocation of Rs. 7,740 Crores is made towards the housing sector, aiming to provide affordable housing solutions.
Key Highlights from the Economic Minister’s Discourse
In a recent address by the Economic Minister, several key points were highlighted:
- Swift appointment of 15 village secretariat staff members.
- Expedited management under the Mega DSC initiative.
- Allocation of Rs. 40 Crores for TSPPSC management and auxiliary funding.
- Social Security Scheme under Gig Worker Welfare, offering a risk cover of Rs. 5 Lakhs.
- Over 43,054 applications received within two months on the Prajavani portal, including 14,951 for housing purposes.
- Mandatory oversight by collectors and department heads for application scrutiny.
- Priority on implementing all six guaranteed actions by the government.
- Provision of Rs. 300 Crores monthly to RTC for Mahalakshmi scheme.
- Provision of necessary funds for Arogya Sri.
- Free electricity up to 200 units for all eligible households through Gruh Jyoti.
- Distribution of subsidized LPG cylinders at Rs. 500 each.
- Tourism boost with Rs. 40 Crores earmarked for Devos tourism, generating significant revenues for the state.
- Collaboration with PM Mitra funds for Kakatiya Mega Textile Park expansion.
- Establishment of two new leader parks and state-of-the-art pharma clusters.
Infrastructure Enhancements and Future Plans
Telangana State is poised for significant infrastructure developments, including:
- Expansion of dry ports to facilitate smoother operations.
- Utilization of artificial intelligence for rural development.
- Revamping IT sector policies to match global standards and attract investments.
- Collaboration with leading IT organizations in the United States to foster IT expansion.
- Establishment of robust fiber network connections, solidifying the state’s position as having one of the most reliable networks in the country.
Telangana’s budget allocations for 2024 reflect a strategic approach towards inclusive growth and development across various sectors, laying the groundwork for a prosperous future.
Recognizing the importance of agriculture in the state’s economy, Rs. 53,196 crores have been earmarked for agricultural initiatives. This substantial allocation underscores the government’s commitment to bolstering the agricultural sector and supporting farmers.
Rural and Panchayat Development
With an allocation of Rs. 40,080 crores, the government aims to promote rural development and strengthen the Panchayati Raj system. These funds will be utilized for various grassroots development projects, empowering rural communities and fostering inclusive growth.
Infrastructure and Technology
Investments in infrastructure and technology remain a priority, with significant allocations for sectors such as IT, healthcare, and education. This includes Rs. 774 crores for IT initiatives, Rs. 21,389 crores for education, and Rs. 11,500 crores for healthcare, among others.
Employment and Skill Development
To address unemployment and enhance employability, the government has allocated funds for skill development programs and employment schemes. This includes provisions for gig workers and social security schemes, aimed at providing financial stability to vulnerable sections of society.
Tourism and Urban Development
In a bid to promote tourism and urban infrastructure, the government has allocated Rs. 40 crores for tourism-related initiatives and Rs. 300 crores for the Mahalakshmi Scheme. Additionally, investments in urban infrastructure, such as gas connections and smart city projects, aim to enhance the quality of life for citizens.
The Telangana Budget for 2024-25 reflects a comprehensive approach towards inclusive growth and sustainable development. By prioritizing key sectors and outlining targeted initiatives, the government aims to drive economic prosperity and improve the overall well-being of its citizens. With significant allocations across various domains, the budget sets the stage for transformative change and progress in the state.