Government explores options for revenue mop-up
In a move to ease the impact of economic recession on the state economy and to prepare a well-disciplined annual budget outlay for remaining six months of the financial year 2019-20, the state government has decided to utilise the expertise of top economic experts.
Hyderabad: In a move to ease the impact of economic recession on the state economy and to prepare a well-disciplined annual budget outlay for remaining six months of the financial year 2019-20, the state government has decided to utilise the expertise of top economic experts.
While the state Finance department is busy finalising budget proposals to be presented in the Assembly in September, newly appointed State Planning Board Vice Chairman B Vinod Kumar has been entrusted with the responsibility of meeting experts like former planning commission member Ch Hanumanth Rao and discuss measures that need to be taken for sustainable economic growth.
On the other hand, Advisor to the government on Finance GR Reddy has been asked to analyse the state financial status mainly the revenue generation and requirement of funds to fulfil the assurances given by KCR during the elections.
Sources said that Vinod will also meet former RBI top officials, including former Governor YV Reddy and economic experts working in the Centre For Economic and Social Studies (CESS) and ASCI (Administrative Staff College Of India).
A team of financial officials will deliberate on key economic related issues with financial experts in the NITI Ayog, the apex body in policymaking and economic development.
The major challenge before the government is to meet the required funds to be allocated for welfare and developmental programmes this year.
The expenditure to be incurred on welfare schemes is doubled after the enhancement of the pensions extended to nearly 40 lakh beneficiaries which requires Rs 12,000 crore.
The other major task is to the continuation of Rythu Bandhu and Rythu Bheema schemes which would require Rs 19,000 crore.
The other welfare schemes like Kalyana Laxmi, KTR Kits, etc need more than Rs 5,000 crore and another Rs 5,000 crore is required to run all the residential educational institutes which offer education to the poor children on par with corporate institutions in the state.