Telangana CM instructs officials to prepare budget on a 'realistic view'

Chief Minister K Chandrashekhar Rao on Monday met officials and instructed them to prepare the state's annual budget based on a 'realistic view' keeping in mind the 'economic recession prevailing in the country'.

"There is a severe economic recession that is prevailing all over the country. The recession has its affect 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 keeping in view the balance between the revenue and expenditure needs," Rao said.

"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 get necessary allocations," he added.

State Planning Board Vice Chairman B Vinod Kumar, Government's Chief Advisor Rajiv Sharma, Principal Secretary S Narsing Rao, Principal Secretary (Finance) Ramakrishna Rao, and other senior officials from the finance department were also present in the meeting.

The Chief Minister announced that since Vote-on-Account Budget was presented last March, a full-fledged Budget would be introduced shortly in the state's Legislative Assembly for the financial year 2019-20.

The exercise on the Budget formation will also take place on Tuesday.

The Chief Minister said after the final draft, the budget will be passed by the state cabinet and it would be introduced in the Legislature.