Telangana Chief Minister K Chandrashekar Rao on Monday presented the annual budget for 2019-20 in the Legislative Assembly with an outlay of Rs 1.46 lakh crore.
Rao said that the state's gross domestic product (GSDP) increased from Rs 4.51 lakh crore in 2013-14 to Rs 8.65 lakh crore in 2018-19.
"If Telangana state was spending Rs 6,247 crore per month in the first year of formation, it is currently spending Rs 11,305 crore," said Rao in his Budget speech. He said the state has become financially stable in just five years after it was bifurcated from Andhra Pradesh.
The Budget allocates Rs 12,000 crore for farmers' welfare, Rs 1,137 crore for farmers' insurance, Rs 6,000 crore for the crop loan debt, Rs 8,000 crore for electricity subsidies, Rs 9,402 crore for support pensions, Rs 2,714 crore for gram panchayats and Rs 1,764 crore for municipalities.
"The severe economic slowdown is leading to serious repercussions in the country, which we are witnessing daily," said Rao.
"It has adversely impacted all sectors. There is a negative growth in many key sectors, which mirrors the prevailing economic situation. The official data put out by the institutions connected with these sectors present a gloomy picture," he said.
The Chief Minister said the state government's welfare programmes will continue -- from the Rythu Bandhu which was allocated Rs 12,000 crore to the Aasara Pensions which saw an allocation of Rs 9,402 crore.
"Free power given to the farm sector will also continue. The electricity bills for supplying water from irrigation projects to agriculture lands will also be paid by the government without passing the burden on to farmers," said Rao.
"Let me make it clear that the state government will examine thoroughly all the central government schemes and implement only those which are beneficial to the people," he added.
Soon after KCR finished his speech, Speaker Pocharam Srinivas Reddy adjourned the House till 8 am for September 14.
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