In a complete reversal of fortunes, the Telangana government is staring at a revenue deficit which is nearly equal to the revenue surplus amount optimistically fixed by the State last year during the 2017-18 Budget.The government had estimated that the revenue surplus would be '4571.31 crore at the end of the financial year, but after ten months of the Budget, the revenue estimates were reversed and now the State has a revenue deficit of '3,643.66 crore (with minus 79.71 per cent deviation). This year's report says that in 2016-17, the agriculture production was higher on account of good rains (94.9 per cent of normal rains). However, during 2017-18 the agriculture and allied sector are expected to register (-) 8.3 per cent due to less rains (84.3 per cent of normal rains) as compared to past year. Mungantiwar, however, hastened to add that 7.33 per cent growth is quite high compared to the Indian economy's growth at 6.5 per cent.
The revenue deficit is the the excess of revenue expenditure over revenue receipts.
The number of beneficiaries increased to 1.97 lakh in 2017-18 from 1.89 lakh in 2015-16.
Terming it as an unprecedented move, former Maharashtra CM Prithviraj Chavan said the earlier Surveys never compared the state's per capita income with any other state.
- The production of pulses, cereals, oilseeds and cotton is expected to decrease, while the production of sugarcane is expected to go up, it said.
The economic slowdown has also impacted the growth in the industry sector which is down at 6.5 per cent from 6.9 per cent, of which the manufacturing sector is at 7.6 per cent from 8.3 per cent.
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Last year's economic survey had said that the agriculture sector was expected to grow by 12.5 percent.
The total outlay for the scheme, announced on June 24 past year was Rs 34,020 crore.
The state is banking GST collections to shore up its revenues, with Maharashtra reporting the highest collections in the country.
With the State's estimates going wrong on revenue surplus, the finance department officials reportedly asked the government not to announce any new populist schemes in 2018-19, the last full budget of the present TRS government.
- The fiscal limit stipulated under Consolidated Fiscal Reform in 2017-18 is 22.2, while in 2016-17 it was 22.1.
Agriculture and allied services has average share of 11.9% in the total GSVA and it is growing at an average annual rate of 2%. Budget themes for the services and industry sectors were on expected lines given the State's ballooning debt, experts felt.