Andhra Pradesh has set the deadline of 2029 to achieve its goal of emerging as a ‘golden State’ and becoming one of the three most developed States of India by 2022, when India will celebrate 75th anniversary of its Independence.
This was announced by State Finance Minister Y Ramakrishnudu, while presenting the first annual Budget of the reorganised State of Andhra Pradesh for 2014-15 on Wednesday.
Proposing an expenditure of Rs 1,11,824 crore, the Budget has not imposed any fresh tax on people. The State will have a revenue deficit of Rs 6,064 crore and fiscal deficit of Rs 12,064 crore.
The Budget includes planned expenditure of Rs 85,151 crore and Rs 26,673 crore, Ramakrishnudu said. The fiscal deficit works out to 2.30 per cent of GSDP and the revenue deficit was estimated at 1.16 per cent. The Budget estimates include Rs 14,500 crore assistance from the Centre on account of division of the State.
Allocations for various sectors include Rs 6,094 crore for rural development, Rs 4,388 crore for medical and health, Rs 12,595 crore for school education, Rs 812 crore for Intermediate education and Rs 2,275 crore for higher education. Rs 1,105 crore will be sent on drinking water supply in rural areas.
Noting that Andhra Pradesh was starting its journey with a very precarious financial position, Ramakrishnudu said that rebuilding the State economy was the topmost challenge before the Government.