Andhra Pradesh Budget 2023-24- Know the Details
The Andhra Pradesh Budget 2023-24 is a financial plan presented by the government of Andhra Pradesh for the upcoming fiscal year. The budget is an essential document that outlines the government’s revenue and expenditure projections, along with its policy priorities for the year ahead. The Andhra Pradesh Budget 2023-24 will be closely watched by citizens, businesses, and investors alike, as it is expected to provide insights into the state’s economic health, development plans, and governance priorities. The budget is typically presented in the state assembly by the Finance Minister, and it will be interesting to see how the government balances its social welfare commitments with its fiscal consolidation goals in the wake of the COVID-19 pandemic. Overall, the Andhra Pradesh Budget 2023-24 will be a critical indicator of the state’s economic and political priorities, and its impact is likely to be felt by all sections of society.
- The Andhra Pradesh budget for the financial year 2023-24 has been presented with a total outlay of ₹2.79 lakh crore, marking a 9% increase from the previous year’s budget estimates.
- According to revised estimates, the revenue deficit for the financial year 2022-23 is around ₹29,107 crore, while the fiscal deficit is around ₹47,716 crore, accounting for 2.21% and 3.62% of the Gross State Domestic Product (GSDP), respectively.
- The annual budget for the financial year 2023-24 was presented by the Andhra Pradesh Finance Minister, Buggana Rajendranath, with a total outlay of ₹2.79 lakh crore.
- The government in Andhra Pradesh Budget 2023-24 has allocated ₹2.79 lakh crore for the financial year 2023-24, which is a 9% increase from the budget estimates of ₹2.56 lakh crore in the previous year.
- Andhra Pradesh Budget 2023-24 size for the financial year 2022-23 was ₹2.56 lakh crore, which has gone up by about 9% over the previous year.
- However, the revised estimates for the current financial year show that the government is likely to spend ₹2.40 lakh crore by the end of March 31.
- The revenue expenditure for the financial year 2022-23 is ₹2.28 lakh crore, while the revenue deficit and fiscal deficit are ₹22,316 crore and ₹54,587 crore, respectively.
- The finance minister has allocated ₹54,228 crore for welfare schemes through Direct Benefit Transfer (DBT), which is an increase of ₹8,273 crore from the previous year.
- Additionally, an allocation of ₹21,434 crore has been made for social security pensions under DBT, while ₹4,020 crore has been allocated for YSR Rythu Bharosa.
- The YSR Congress Party (YSRCP) government has set aside ₹38,605 crore for backward classes and ₹20,005 crore for Scheduled Castes. It has also allocated ₹4,887 crore for the welfare of Kapus and ₹4,203 crore for the welfare of minorities.
- Other significant allocations include ₹2,841.64 crore for total fees reimbursement, ₹2,200 crore for Vasathi Deewena, ₹6,500 crore for the Amma Vodi scheme, ₹3,000 crore for the Price Stabilisation Fund, ₹3,500 crore for the Nadu Nedu scheme, and ₹532 crore for Gadapa Gadapa Ku Mana Prabhutvam.
- The agriculture sector has been allocated ₹11,589 crore, while ₹11,908 crore has been allocated for the Water Resources Department, ₹6,456 crore for the Energy department, and ₹5,600 crore for housing for the poor.
- For the financial year of Andhra Pradesh Budget 2023-24, the estimated revenue deficit is around ₹22,316 crore, while the fiscal deficit is around ₹54,587 crore. The fiscal deficit will account for 3.77% of the GSDP, while the revenue deficit will be around 1.54% of the GSDP.
- The finance minister emphasized the government’s commitment to the welfare agenda of Chief Minister YS Jagan Mohan Reddy, with a focus on enhanced social security systems, the economic upliftment of farmers, women’s empowerment, and the handholding of weaker sections.
- The revenue expenditure for the Andhra Pradesh Budget 2023-24 is estimated at ₹2.28 lakh crore, while the capital expenditure is estimated to be ₹31,061 crore.
16. The Andhra Pradesh government’s budget for the financial year 2023-24, presented by Finance Minister Buggana Rajendranath, has an outlay of Rs 2.79 lakh crore. This represents a 9% increase from the previous year’s budget of Rs 2.56 lakh crore.
17. The budget prioritizes welfare schemes, with Rs 54,228 crore allocated for Direct Benefit Transfer (DBT) programs. This is an increase of Rs 8,273 crore from the previous year. Social security pensions under DBT received Rs 21,434 crore, while the YSR Rythu Bharosa scheme was allocated Rs 4,020 crore.
18. The budget also includes allocations for various sections of society, such as Rs 38,605 crore for backward classes, Rs 20,005 crore for Scheduled Castes, Rs 6,929 crore for Scheduled Tribes, Rs 4,887 crore for Kapus, and Rs 4,203 crore for minorities.
19. In addition to welfare schemes, the budget also focuses on infrastructure development. The finance minister announced plans to develop Visakhapatnam’s infrastructure, as well as transforming Tadepally and Mangalagiri into model towns.
20. The budget also includes significant allocations for different sectors such as Rs 15,882 crore for medical, health, and family welfare, Rs 15,873 crore for Panchayat Raj and Rural Development, Rs 9,381 crore for Municipal and Urban Development, Rs 6,700 crore for YSR Asara, Rs 5,000 crore for YSR Cheyuta, and Rs 600 crore for YSR-PM Bima.
21. The finance minister also allocated funds for various agricultural and resource sectors. The agriculture sector received Rs 11,589 crore, while the Water Resources Department was allocated Rs 11,908 crore. The energy department received Rs 6,456 crore, and Rs 5,600 crore was allocated for housing for the poor.
22. The budget estimates a revenue deficit of Rs 22,316 crore and a fiscal deficit of Rs 54,587 crore for the financial year 2023-24. This amounts to 1.54% and 3.77% of the GSDP, respectively.
23. Finance Minister Buggana Rajendranath emphasized the government’s focus on the welfare agenda of Chief Minister YS Jagan Mohan Reddy, with enhanced social security systems, economic upliftment of farmers, women’s empowerment, and support for weaker sections of society.
24-To sum up, Andhra Pradesh Budget 2023-24 budget for the financial year 2023-24 aims to uplift the living standards of people by prioritizing welfare schemes, infrastructure development, and resource sectors. The budget is a reflection of the government’s commitment to the economic empowerment of weaker sections of society.
In conclusion, the Andhra Pradesh Budget 2023-24 is a significant event for the state, as it sets the tone for the government’s policy agenda and spending priorities for the upcoming fiscal year. The budget will be eagerly awaited by various stakeholders, including citizens, businesses, and investors, who are looking for insights into the state’s economic health and development plans. The government faces the challenging task of balancing its social welfare commitments with fiscal consolidation goals, especially in the aftermath of the COVID-19 pandemic. Nevertheless, the budget provides an opportunity for the government to demonstrate its commitment to inclusive growth, sustainable development, and good governance. As such, the Andhra Pradesh Budget 2023-24 is a critical tool for the state to achieve its economic and social objectives, and its impact will be felt across various sectors of society.
Andhra Pradesh Budget 2023-24
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