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Telangana Budget outlay may be trimmed
Chief Minister K Chandrasekhar Rao
The Telangana State's Budget outlay for 2020-2021 financial year is likely to be trimmed following the slowdown in the economy which saw drop in the State's revenues due to corona pandemic and the "Centre's indifference" towards addressing financial crisis faced by the States.
Hyderabad: The Telangana State's Budget outlay for 2020-2021 financial year is likely to be trimmed following the slowdown in the economy which saw drop in the State's revenues due to corona pandemic and the "Centre's indifference" towards addressing financial crisis faced by the States.
The first two quarters of the current financial year is over and the third quarter between October and December will also witness poor financial status. The state government has projected an outlay of Rs 1.82 lakh crore in the current financial year. Top officials of state Finance department said that in view of economic slowdown, funds earmarked to many sectors will be cut. Chief Minister K Chandrasekhar Rao instructed the officials to conduct interim review of the State Budget as there was a major cut in the funds from the Centre following the corona pandemic.
The state's revenue and income have been reduced severely due to the lockdown. The GDP had fallen to minus 24 per cent, which had a major impact on the states.
Under these circumstances, the Finance department is preparing estimates on how much funds are actually available and how much funds can be allocated to the departments.
State Finance Secretary K Ramakrishna Rao will conduct department-wise review on the requirement of funds and availability of resources from Monday onwards. Officials said that based on the report, the CM will finalise the revised Budget outlay before the end of October.
