Telangana Presents Rs 2.91 L Crore Budget For 2024-25, Congress Govt Lashes Out At Debt Leap Under BRS

Highlighting the state's financial challenges, Vikramarka noted that Telangana’s debt has reached Rs 6.71 lakh crore.

The state's total revenues are estimated to be Rs 2,90,814 crore, including Open Market Loans amounting to over Rs 57,000 crore.

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Telangana Deputy Chief Minister and Finance Minister Bhatti Vikramarka Mallu presented the state budget for the fiscal year 2024-25 in the Legislative Assembly on Thursday. The budget totals Rs 2.91 lakh crore with Rs 2.21 lakh crore in revenue and Rs 33,487 crore in capital expenditures.

The state's total revenues are estimated to be Rs 2,90,814 crore, including Open Market Loans amounting to over Rs 57,000 crore. During his presentation, Deputy CM Vikramarka said the government plans to allocate Rs 72,659 crore to agriculture, Rs 21,292 crore to the education department, and Rs 22,301 crore to irrigation. Additionally, Rs 29,816 crore has been proposed for Panchayati Raj and Rural Development.

Highlighting the state's financial challenges, Vikramarka noted that Telangana’s debt has reached Rs 6.71 lakh crore. He pointed out that in the past decade, the state government debt has increased tenfold without proportional development. Since the Congress government assumed office, Rs 35,118 crore in debt has been raised, while loans worth Rs 42,892 crore, including both principal and interest, have been repaid, as per a report on PTI.

He added that the continuous rise in debt, which surpasses income growth, suggests that Telangana's economic stability could be at risk without strict fiscal reforms. Measures are needed to balance spending with revenue generation and reduce the dependency on borrowing.

"Telangana’s Gross State Domestic Product (GSDP) in 2023-24 is Rs.14,63,963 crores. This is 11.9 % higher than the previous year. At the national level, this growth rate is at 9.1%," said Bhatti Vikramarka Mallu while presenting State Budget 2024-25.

Among the key initiatives in the budget, the government has resolved to extend farm insurance to farmers by joining the Pradhan Mantri Fasal Bima Yojana (PMFBY). The state government will cover the insurance premium, ensuring that crops are insured without any cost to the farmers.

Vikramarka also addressed the issue of paddy cultivation which is extensive in Telangana. He acknowledged that despite producing bountiful crops, farmers often suffer due to a lack of remunerative prices. To address this, the government has decided to encourage the cultivation of "Sanna Rice." Thirty-three varieties of this rice have been identified, and a bonus of Rs 500 per quintal has been announced for these varieties.

KCR Slams Budget

Attending the House for the first time as the Leader of Opposition, BRS chief K Chandrasekhar Rao criticised Telangana budget tabled on Thursday and said it painted a rosy picture but failed to address critical issues and policies.

“What is your (government's) industrial policy, agriculture policy, or IT policy? There is nothing. It is all just gas and trash. Apart from presenting a colorful picture and storytelling, it does not resemble a budget presentation,” said Rao, as per a report on PTI.