Telangana govt presents vote-on-account budget

Hyderabad, Feb 23 (KNN) Giving importance to the agriculture and irrigation sector along with proposing an unemployment allowance, the Telangana Chief Minister K Chandrasekhar Rao presented a Vote-on-Account Budget for 2019-20.

This was said by Anil Reddy Vennam, Past President of the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI), while speaking with KNN India.

He said “Most of the political and election promises is being taken care off in this budget like enhancement of pensions, monthly allowance to unemployed youth, farm loan waiver in 4 installments , Rythu Bandhu, etc.”

When asked there is no mention of MSMEs or industries in the budget, he said “We have seen this budget as a vote on account budget not a full-fledged budget. We are eyeing on the complete budget that will come after election.”

Presenting the interim budget in the Assembly, the Chief Minister said the GSDP growth rate of the state has doubled since its formation in 2014 and its budget for the new fiscal showed a revenue expenditure of Rs 1,31,629 crore and a capital expenditure of Rs 32,815 crore.

Speaking about agriculture in the state and his promise to waive off farm loans, the CM said, “We are proposing to waive off all agriculture term loans up to Rs 1 lakh, outstanding as on December 11, 2018. Towards this, an amount of Rs 6,000 crore is proposed.”

The Chief Minister also mentioned the state’s flagship Rythu Bandhu scheme, an investment support scheme where farmers were given Rs 8,000 per acre annually, at the rate of Rs 4,000 per acre per crop.

“We propose to increase this support to Rs 5,000 per acre per crop. The total support in a year will be Rs 10,000 per acre. The amount proposed in 2019-20 towards Rythu Bandhu is Rs 12,000 crore,” he added.

He also proposed Rs 1,810 crore in the budget to introduce unemployment allowance of Rs 3,016 per month to those eligible. (KNN/YV)