Wednesday, February 23, 2011

A R Reddy presents Rs 1,28,542 crore Budget

Andhra Pradesh Finance Minister Aanam Ramanarayana Reddy today 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 Mr. 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 crore.
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,” Mr. Reddy said.
“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.

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