TG gets down to the nitty-gritty on 2024-25 budget preparations

TG gets down to the nitty-gritty on 2024-25 budget preparations

Hyderabad: The State government is gearing up for budget preparation in the end of June, following reports that the newly-elected Prime Minister Narendra Modi’s government would present a full budget of 2024-2025 financial year by July end this year.

The State government has presented a vote on account in March this year in view of the general elections.  The new Union government is likely to present the full budget in July.

The state government will prepare the budget proposals first and change them, if required, based on the allocations made to Telangana in the Union budget.

“The State Finance wing has already started an exercise to increase the revenues to meet the growing needs in the current financial year.

The estimation of the revenue expenditure and revenue generation will be calculated once the Centre announces budget outlay for each sector,” officials said, adding that Finance minister Mallu Bhatti Vikramarka had already held several rounds of meetings with revenue-generating wings and enquired about the chances of increasing tax collections to meet the State’s needs.

The government’s first priority is the waiver of farm loans of up to Rs 2 lakh by August 15 this year. It requires at least Rs 30,000 crore. Apart from increasing revenue collections, officials said that the other option to mobilise funds is the sale of government lands.

Revenue officials are already on the job to identify the potential lands for sale. Before the presentation of the budget, the lands should be sold.