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Telangana ahead of other states
In a clear indication that Telangana was moving steadily ahead of other states in achieving sustainable growth, the state registered 27.45 per cent revenue growth in the first two months (April and May) of 2016-17 financial year against the corresponding period last year.
Hyderabad: In a clear indication that Telangana was moving steadily ahead of other states in achieving sustainable growth, the state registered 27.45 per cent revenue growth in the first two months (April and May) of 2016-17 financial year against the corresponding period last year.
On the sidelines of the completion of first two months in the first quarter of this financial year, Chief Minister K Chandrasekhar Rao on Tuesday held a high-level meeting with officials of state Finance Department and discussed in detail comparative growth in revenues pertaining to 10 major income generating departments at his camp office.
Officials informed KCR that Rs 7,687 crore revenue was generated in two months against Rs 6,031 crore collected last year from the departments of Commercial Taxes, Excise, Stamps and Registration, Sales, Transport and Mining during the same period.
The Stamps and Registration Department recorded 64 per cent more revenue than the proposed target, following the revival of realty market in the state. Excise collections increased by 120 per cent, luxury taxes have gone up to 36 per cent and sales tax collections have increased by 17 per cent, officials explained.
A flurry of investments under the newly launched TS-iPASS scheme and Hyderabad emerging as a favourite destination for international conferences also helped in achieving desirable goals in the revenues.
“The steady inflows could see the revenue collections improve by Rs 11,500 crore this year alone,” the Chief Minister said. He expressed happiness at achieving the growth even as the state was reeling under severe drought conditions and also due to a delay in the execution of development programmes because of some unavoidable circumstances.
He observed that political stability, financial discipline, transparency, zero tolerance on corruption and maintenance of law and order contributed to achieve this growth. The budget estimations would increase further if the same trend continued in the next financial year.
He said that the dream to achieve ‘Bangaru Telangana’ would also be realised soon if the trend continues. Chief Secretary Rajiv Sharma, Finance Secretary Ramakrishna Rao, Principal Secretary in CMO S Narasinga Rao and Additional Secretary in CMO Smitha Sabarwal were present at the meeting.
