'Recession' Should Be Kept in Mind While Preparing Budget, Telangana CM KCR Tells Officials
KCR has announced that complete budget for the 2019-20 fiscal year will be introduced in the assembly soon, following a Vote on Account in the month of March.
File photo of Telangana Chief Minister K Chandrashekar Rao.
Hyderabad: Telangana Chief Minister Kalvakuntla Chandrashekar Rao (KCR) has instructed officials to prepare the state budget in accordance with the situation on ground, as economic recession has had a severe impact on all sectors across the country.
KCR has announced that complete budget for the 2019-20 fiscal year will be introduced in the assembly soon, following a Vote on Account in the month of March. On Monday, the Chief Minister held a meeting with senior officials regarding the design of the budget at Pragati Bhavan.
Vice-President of the state Planning Commission Boinpally Vinod Kumar, Advisor to the government Rajeev Sharma, Principle secretary B Narsing Rao, Principle Secretary (Finance) Rama Krishna Rao and other senior officials participated in the meeting.
Speaking in the meeting, KCR said, “The country is facing a severe recession which is impacting all sectors. Revenues have fallen drastically. Income in all states have declined. Against this backdrop, the budget needs to be designed to assess the income needs of the state of Telangana. The budget should be made with a realistic perspective”.
He also stated that the priority should be given to welfare and agriculture development but we have to make sure that there is adequate provision for other sectors too. Chief Minister also mentioned that the final draft of the budget will be passed by the state cabinet and it would be introduced in the Legislature.
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