Amaravati, March 17: Rs. 1,56,999 Crores of Budget was presented by Andhra Pradesh Finance Minister Y Ramakrishnudu for the financial year 2017-18 during the budget speech at the newly constructed Assembly at Amaravati. This year’s budget estimates an increase of 15.71% over the previous year.
Minister said that the revenue expenditure was estimated at Rs 1,25,912 Crores and capital expenditure estimated at around Rs 31,087 Crores, which includes Rs 8,009 Crores towards principal repayment of Public Debt. “The 2017-18 Budget Estimates entail an overall increase of around 15.70% over the 2016-17 budget estimates”, he informed the House.
The state allocated Rs 9,091 Crores constituting 5.79% of total budgetary allocation to agriculture and allied sectors, Rs 19,565 Crores to rural development which is 12.46% of total budgetary allocation, and Rs 12,770 Crores to irrigation sector comprising 8.13 of total budgetary allocation. He proposed Rs 20,384 Crores for general education and Rs 765 Crores for technical education. He allocated Rs 11,361 Crores for welfare.
Agriculture Minister P Pulla Rao presented a separate budget for agriculture. The budget has provided Rs 3,600 Crores for waiver of farm loans. The state has so far provided Rs 11,000 Crores for the scheme.
While the revenue expenditure is estimated to increase by around 10.28%, the capital expenditure is estimated to grow by around 44.54% over the 2016-17 financial year. “The estimated Revenue Deficit is around Rs 416 Crores and Fiscal Deficit is estimated at around Rs 23,054 Crores”, he said.
The Fiscal Deficit will be around 3 percent of the GSDP, whereas the Revenue Deficit would be around 0.05% of the GSDP, he informed. He also expressed his feeling saying that he felt privileged to bring back the legislative power to the historical city of Amaravati after nearly 2,000 years. The allocation for industries department has been hiked by 113% to Rs 2,086 Crores.