Andhra Pradesh Interim Budget 2024-25: Key Highlights

Andhra Pradesh Finance Minister Buggana Rajendranath Reddy has unveiled the Interim Budget for the fiscal year 2024-25, presenting a comprehensive financial plan aimed at addressing the state's economic priorities. Here are the key highlights of the budget proposal:

• Total Budget Allocation: The Interim Budget proposes a total expenditure of ₹2,86,389.27 crore for the fiscal year 2024-25, indicating the government's commitment to robust economic growth and development initiatives.
• Revenue and Capital Expenditure: The budget allocates ₹2,30,110.41 crore for revenue expenditure and ₹30,530.18 crore for capital expenditure, reflecting a strategic balance between current operational expenses and long-term infrastructure investments.
• Deficit Estimates: The estimated revenue deficit stands at ₹24,758.22 crore, while the fiscal deficit is projected to be around ₹55,817.50 crore. Despite the deficits, the government aims to maintain fiscal discipline, with the fiscal deficit expected to be around 3.51% of the Gross State Domestic Product (GSDP).
• Comparison with Previous Years: In comparison to the previous fiscal year, the revised estimates for revenue expenditure in FY 2023-24 were ₹2,28,237.77 crore, with capital expenditure at ₹27,308.12 crore. The revenue deficit and fiscal deficit for FY 2023-24 were ₹31,534.94 crore and ₹60,153.59 crore, respectively.
• Efforts to Address Past Challenges: Finance Minister Rajendranath Reddy highlighted the challenges inherited from the previous government, emphasizing the need for concerted efforts to resolve issues related to Centre-State relations and the state's bifurcation. The government has pursued various measures to secure the state's rightful entitlements, including revenue deficit grants and resolution of pending issues with neighboring states.
• Initiatives for Economic Development: The budget outlines initiatives aimed at promoting economic development, including investments in key sectors, infrastructure projects, and efforts to attract investments. The government's focus remains on fostering sustainable growth and creating opportunities for employment and prosperity.
• Vote on Account: In anticipation of the upcoming Assembly elections, the government has presented a vote on account budget of ₹8,8215 crore for the fiscal year 2024-25. This interim measure will ensure continuity in government spending until a full budget is presented by the new government.e Assembly elections.