AP Pins Hopes On Union Budget 2023-24

Presenting her fifth Budget this year 2023, Finance Minister Nirmala Sitharaman said that this was the first budget of the Amritkaal in her presentation in the Parliament on Wednesday. As laid the statement of the estimated receipts and expenditure of the government for 2023-24 in Parliament, the State of Andhra Pradesh has pinned its hopes on the Union Budget 2023-24 with high expectations.

The Finance Minister also laid out the statements of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, on medium-term fiscal policy cum fiscal policy strategy and on macro-economic framework.

It has been over nine years since the bifurcation of the Telugu States and the State of Andhra Pradesh has been waiting for funds from the Central Government to meet the revenue shortfall. The revenue deficit created in the year of the bifurcation of the state has not been compensated till now. To add to its woes the COVID Pandemic, the economic condition of the state has further deteriorated. It is expected that the central funds will be optimally allocated in the budget introduced by the Finance Minister this time in the hope that the AP revenue deficit will be compensated. Moreover, AP expects to allocate sufficient funds in the budget in the form of national grants to the national institutions mentioned in the State Reorganisation Act.

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy also brought to the attention of  Prime Minister Narendra Modi, the problems related to the state and sought funds to compensate for the revenue deficit of AP during his meetings with the PM. The people of AP have also pinned high hopes on the allocation of funds to the State in this budget.

It may be reflected that the state government has already requested the Center to allocate Rs 24,350 crore rupees in the budget under special development assistance to the backward districts of Northern Andhra and Rayalaseema as mentioned in the AP Reorganisation Act.

AP also hopes that the centre grants funds for the metro rail to come up at Visakhapatnam, for setting up medical colleges in the newly formed districts of the state.

The state of AP has made numerous pleas seeking Special Category Status and also released the pending funds and approve the revised estimates regarding the Polavaram project.

The state of Andhra Pradesh is looking forward to the GST reimbursement, income tax exemption, and 100% insurance premium reimbursement for ten years under the industrial incentives announced in the State Reorganization Act.

It all needs to be seen if AP's hopes are fulfilled in the budget presented by Nirmala Sitharaman which ended around 12:30 marking one of the shortest budget presentations she has done so far.

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