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Telangana government scouts for funds
If the Centre does not continue the increased FRBM limit in the next financial year, the Telangana government will seek loans through corporations. If required, the KCR government will float new corporations to get more borrowings
Govt to keep its Budget promises; Explores ways & means to mobilise revenue
Hyderabad: The State Government, which said that the budget 2021-22 will be a promising one and that there would increase in allocations for all welfare measures, has started scouting for ways and means to mobilise funds to meet the financial requirements.
It is learnt that the government is planning to go in for huge borrowings in the coming financial year and increase revenue generation from liquor sales, increase in stamp duty, registration charges and taxes on immovable properties.
The other big option before the government is the sale of costly government lands.
In the new financial year, the State proposes to generate revenue of not less than Rs 1.6 lakh crore.
There would be an increase in the non-tax revenue mainly from the Mines by hiking taxes on the sand reaches and mineral excavations in the state to meet the financial needs, officials said.
"Like in the current financial year, the government would harp largely on borrowings for funds," revealed top officials of the Finance department to The Hans India.
In the 2020-21 financial year, the T state had borrowed more than Rs 40,000 crore from various financial institutions till date. The relaxations given by the Centre in the FRBM (Fiscal Responsibility and Budget Management) limit in the corona crisis helped the State to go in for more borrowings.
The State expects that the Centre will extend the increased borrowing limit in the next financial year as well as most of the States were still struggling to put the economy back on track due to the pandemic.
If the Centre did not continue the increased FRBM limit in the next financial year, the State would seek loans through the corporations. If required, the government will float new corporations to get more borrowings.
The other major revenue source is liquor sales. In the current financial year, the State has targeted Rs 16,000 crore from liquor and the government succeeded to achieve the targets by increasing the liquor prices post lockdown.
The government is estimating to generate Rs 22,000 crore revenue through Excise in the new financial year.
From property registrations, the State has so far achieved nearly 70 per cent of the total target of Rs 10,000 crore and in 2021-22, it would be more than Rs 15,000 crore as the realty sector recovered on a fast pace.
As the auction of the costly government lands is another option, authorities are already on the job to identify all the lands in Hyderabad and in other big municipal corporations.
Officials said that the government has projected Rs 1.43 lakh crore revenue in the current financial year but it could generate not more than Rs 80,000 crore.
