Chandrababu Naidu government is all set to present its first full-pledged budget for the current financial year (2024-25) in both houses of the Assembly on November 11. Finance Minister Payyavula Keshav will present this budget in the Legislative Assembly.
This budget is being prepared in a balance between development and welfare. CM Chandrababu Naidu on Friday gave directions to the Finance Minister along with top officials on the budget. After the formation of the coalition government, it took more than 4 months to study the state’s financial situation.
The government first gave priority to finding out the actual extent of financial destruction in the state, which was mired in debt. It also released a white paper on the state’s financial situation. Even then, the full-scale debt figures and pending bills in the state were not yet known.
It is because of these circumstances that it took the coalition government so long to present a full-scale budget. Usually, the budget is presented and approved in the legislature by March every year.
Since it is an election year, the Jaganmohan Reddy government presented the Vote on Account budget in February. The general elections were held in May. Although the new government was supposed to present a full budget in July, it was postponed for understanding and complete information about the financial situation.
An ordinance was issued by the Governor to temporarily issue a Vote on Account budget for another 4 months. Currently, the full-fledged budget is being presented, but only 4 months are left. The full-fledged budget is being formulated based on the estimates of how much can be spent during this period.
The coalition government has started implementing welfare schemes as per the promises made in the elections. CM Chandrababu Naidu has given full directions to the officials on how the allocations for the super six schemes should be in this financial year (2024-25).
The coalition government has been implementing one welfare scheme for two to three months in the state. The last 4 months of this financial year (2024-25) are going to take steps in that direction. Accordingly, there will be allocations in the budget for the schemes.
The economic devastation that has taken place in the state in the last five years under the YSRCP government is going to be explained to the people during the budget meetings. The impact of the five years of economic devastation on the state will be explained. The CM has clearly directed that all the issues like how far the state has regressed due to the policies of the Jagan government should be disclosed during the budget.
