The government of Andhra Pradesh recently unveiled its state budget for the year 2021-22 with an expected majority allocation towards the social and welfare development schemes of the government.
Presenting the budget the state’s finance minister Mr Buggana Rajendranath Reddy informed that for the Financial Year 2021-22 he proposed an expenditure of Rs.2,29,779.27 crore (Rs 2.29 lakh crore), with an estimated revenue of Rs.1.77 lakh crore, leaving a revenue Deficit of around Rs.5,000.05 crore and a Fiscal Deficit of around Rs.37,029.79 crore.
The fiscal deficit is estimated to be around 3.49 % of the GSDP, whereas the Revenue Deficit will be around 0.47 % of the GSDP, informed Mr Buggana.
“Robust industrial infrastructure will propel the State on the path of rapid industrialization.”
Mr. Buggana Rajendranath
AP’s Finance Minister
In terms of allocation to Industry the major highlight was the FM’s proposed allocation of Rs.3,673.34 crore towards industrial and infrastructure development in 2021 – 22.
This he said will aid in attainment of SDG 9 which is to build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation.
‘Robust industrial infrastructure will propel the State on the path of rapid industrialization’ said the FM.
Welcoming the budget, FAPCCI (Federation of Andhra Pradesh Chambers of commerce & Industry) president Mr CV Atchut Rao hailed the allocation towards infrastructure development in the state. ‘This will surely improve the industrial infrastructural facilities and help in both industrial development and innovation process’ said FAPCCI’s president.
Concurred Mr Balaji president of VASSIWA ‘The FM’s allocation towards infrastructure is much appreciated and a needed step’.
Also commenting on the budget CII Andhra Pradesh chairman, Mr DT Raju said ‘Despite Covid-19 pandemic the Government has taken required steps to resilience and sustainable growth.