Andhra Pradesh Finance Minister Aanam Ramanarayana Reddy on Wednesday presented a budget for Rs 1,28,542 crore for the 2011-12 financial year, projecting a revenue surplus of Rs 3,826 crore and a fiscal deficit of Rs 17,602 crore.
This 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 one lakh crore, despite the actual realisations falling way short of the projections.
This was Ramanarayana Reddy’s maiden budget, which he presented at 11.43 am, the ‘muhurtam’ set for the occasion.
The Finance Minister projected the expected tax revenue during 2011-12 to be Rs 56,438 crore as against Rs 46,999 crore last 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 share in central taxes of 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.
Industrial sector in the state is expected to achieve a growth rate of 7.79 per cent while the services was expected to record a growth rate of 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," Ramanarayana said.
He said that the government would 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 to implement the CFMS.(PTI)