Hyderabad, February 2023…… Anil Agarwal, President of FTCCI, one of the vibrant regional chambers in India describes Telangana State Budget presented today in the state Legislative Assembly as forward-looking.
The last and full-fledged Budget of Government before the election, by Sri T. Harish Rao, Hon’ble Finance Minister with an expenditure outlay of Rs 2,90,396 Crore is a welcome one. The outlay is 13.2% more than the 2022-23 Budget.
It is very heartening that the State registered higher GSDP and Agriculture Sector growth rates at 13.2% and 7.4% respectively than India’s growth rates. Because of the consistently high performance of the state, Telangana’s share in the country’s GDP grew to 4.89% in 2020-21 from 4.1% in 2014-15, he added.
In a press statement issued in the city, Mr. Anil Agarwal stated that they were happy to note that the budget has made substantial allocations for Health (4.18%), Education (6.5%), and Power sectors (4.3%) through the support from Union Budget is negligible. We commend the efforts of the government for giving priority to the development of health and education infrastructure and also for making Telangana a power-surplus state.
The industrial and IT sector were able to attract substantial investments from all over the world and the state has, no doubt become a most favored destination for investors. We acknowledge the efforts of the government in achieving top rank in ease of doing business too. The pain point for the industry, particularly the manufacturing sector is, the non-disbursement of sanctioned subsidies. In the 2022-23 budget, Rs. 2503 crore were allotted towards the IPP budget, but so far only 32.7 crores were released, disappointing scores of units eagerly waiting for release, he stated.
We are glad to note that FTCCI’s recommendation for allocation of Rs. 3000 crores is considered, and this budget has allocated Rs. 2937.20 crores for Industrial production promotion. We thank the Finance Minister and Hon’ble Chief Minister for allocating a substantial amount for subsidies.
The President hoped that the government will release the quarterly allocation in time to fulfill the promise of providing incentives as stipulated in the budget.
