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Telangana govt plans next budget on Jan 1
With a view to introducing reforms in the finance sector, the Telangana State Government is planning to devise a new budget system, regular audit of the department-wise allocations, expenditure and seek utilisation certificates and plug loopholes in the execution of the works at high prices reported in a few departments.
Hyderabad: With a view to introducing reforms in the finance sector, the Telangana State Government is planning to devise a new budget system, regular audit of the department-wise allocations, expenditure and seek utilisation certificates and plug loopholes in the execution of the works at high prices reported in a few departments.
As a first step towards this direction, the State Government has decided to introduce next budget in a new format from the calendar year to calendar year -- January 1 to December 31.
Chief minister K Chandrasekhar Rao, during a meeting with top officials of the Finance Department, said that in accordance with the Centre’s thought process, the state government has plans to introduce the new budget from the next calendar year.
KCR instructed Finance Minister Eatala Rajender, Principal Secretary (Finance) Ramakrishna Rao and other officials to visit Madhya Pradesh to study where the budget is already being presented in the new format this year.
KCR also reviewed the performance of the each department in utilising funds and the steps needed for the effective implementation of the schemes by each wing this financial year.
He instructed the officials to review the performance of departments every month and release funds based on the utilisation certificates submitted by them.
It has also been decided that the developmental programmes and the expenditure on each project would be reviewed every quarter to avoid financial burden on state exchequer.
