On Monday, November 11, the Andhra Pradesh government unveiled its state budget for the financial year 2024-25, with an outlay of Rs. 2.94 lakh crore. The budget's key highlights include significant allocations for school education, healthcare, and rural development. State finance minister Payyavula Keshav presented the budget in the Assembly, outlining the government's financial plans.
Keshav, in his speech, criticized the previous government's fiscal mismanagement, stating that reckless borrowing and violations of the Fiscal Responsibility & Budget Management (FRBM) guidelines had pushed the state's finances to the brink of collapse. He referred to reports by the Comptroller & Auditor General, which highlighted the financial irregularities of the YSR Congress Party Government.
For the 2024-25 fiscal year, the state's revenue expenditure is estimated at Rs. 2,35,916.99 crore, with capital expenditure pegged at Rs. 32,712.84 crore. Keshav also mentioned a projected revenue deficit of Rs. 34,743.38 crore (2.12% of the Gross State Domestic Product) and a fiscal deficit of Rs. 68,742.65 crore (4.19% of GSDP).
In his budget speech, Keshav emphasized that the proposals were carefully crafted with the state's financial recovery in mind. The aim is to create wealth and revitalize the state's economic activities.
The budget includes Rs. 16,739 crore for Panchayat Raj and Rural Development, a portfolio held by Deputy CM Pawan Kalyan. It also allocates Rs. 29,909 crore for school education and Rs. 18,421 crore for healthcare and family welfare.
Criticizing the previous administration, Keshav claimed that by the time the YSR Congress Party government left office, the state's financial position was dire. He assured that the current government is working hard to stabilize the state's finances, which he described as being on the brink of bankruptcy due to the fiscal mismanagement of the past.
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