Chief Minister K Chandrashekhar Rao has instructed the officials concerned to prepare the State’s Annual Budget at the backdrop of economic recession prevailing and its deep influence in all the sectors in the country as well as the realistic view at the ground level.
The CM announced that since Vote-on-Account Budget was presented last March, a full-fledged Budget would be introduced shortly in the State Legislative Assembly for the financial year 2019-20.
The CM held a meeting at Pragathi Bhavan here on Monday with the officials on the formation of the Budget. State Planning Board Vice Chairman Sri B Vinod Kumar, Government’s Chief Advisor Sri Rajiv Sharma, Principal secretary Sri S Narsing Rao, Principal Secretary (Finance) Sri Ramakrishna Rao, and other senior officials from the finance department participated.
“There is a severe economic recession that is prevailing all over the country.
The recession has its effect on all the sectors. Incomes have come down considerably. Revenue of all the states has also come down. In this backdrop, in the Telangana state, Budget should be planned to keep in view the balance between the revenue and expenditure needs.
The budget should be made based on a realistic view. While giving top priority to the people’s Welfare and agriculture sectors, all other sectors should also be made the necessary allocations,” the CM said.
The exercise on the Budget formation will also take place on Tuesday. The CM said after the final draft, the Budget will be passed by the State Cabinet and it would be introduced in the Legislature.
The Assembly would be convened to pass the Budget and to transact other business.
