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    HomeAndhra PradeshAndhra Pradesh's Budget for 2023-24: Allocation of Rs 54k crore towards welfare...

    Andhra Pradesh’s Budget for 2023-24: Allocation of Rs 54k crore towards welfare schemes is the highest priority.

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    On March 16, Andhra Pradesh Finance Minister Buggana Rajendranath Reddy presented the state Budget for the fiscal year 2023–24. The total outlay for the budget was Rs 2,79,279.27 crore, with a significant portion allocated to welfare programs. The allocation for welfare schemes was increased by Rs 8,273 crore compared to the previous fiscal year, with Rs 54,228.36 crore allocated for 22 Direct Benefit Transfer (DBT) schemes. These schemes include YSR Pension Kanuka, YSR Ruthu Bharosa, Amma Vodi, YSR Fasal Bima Yojana, and EBC Nestam for 2023-24.

    The YSRCP government presented the final budget for this term prior to the 2024 assembly elections. In his speech, the Finance Minister referenced Nobel Laureate Rabindranath Tagore and several other leaders who have inspired the state’s policies and implementation.

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    Welfare programs were given the highest priority for the fifth consecutive term, with an allocation of Rs 21,434 crore for the YSR pension scheme. The health and education sectors were allocated Rs 15,882 crore and Rs 31,754.71 crore respectively. The agriculture sector received Rs 11,589 crore, while the Panchayati Raj department got Rs 15,873 crore.

    The fiscal deficit for the fiscal year 2023–24 is expected to be approximately 3.77% of the Gross State Domestic Product (GSDP), while the revenue deficit is estimated to be approximately 1.54% of the GSDP.

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    The SC component was allocated Rs 20,000 crore and the ST component received Rs 6,929 crore. The BC and minority components were allocated Rs 38,605 crore and Rs 4,203 crore respectively.

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    The total budget outlay has increased by about 9% over the previous year. The housing for the poor scheme was allocated Rs 5,600 crore, while Rs 3,500 crore was allocated to the Nadu Scheme. The YSR Rythu Bharosa scheme was allocated Rs 4,020 crore for FY 2023-24.

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    Rajesh M
    Rajesh Mhttps://www.telanganatribune.com
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