The economy of telangana is growing to be unstoppable. The State-Owned Tax Revenue (SOTR) increased by 16.62% over the prior year to reach Rs 1,26,617 crore in 2022–23. Between 2014–15 and 2022–23, the SOTR nearly quadrupled, rising from Rs 37,391 crore to Rs 1,26,617 crore.
The entire income receipts of telangana were Rs 1.92,097 crore, showing a shortfall of Rs 53,159 crore as against budget forecasts of Rs 2,45,256 crore in 2022–23. This was made possible by the BJP-led central government's apartheid towards telangana, which turns out to be a severe loss.

The State stated that tax income collections for 2022–2023 exceeded its budget projection of Rs 1,26,606 in its report to the Comptroller and Auditor General (CAG). This is the second year in a row that telangana has exceeded its budget projections. Compared to the budget projection of Rs. 1,06,900 crore, the SOTR for 2021–22 was Rs. 1,09,991. The State government accomplished this achievement by implementing a number of initiatives, such as enhancing the revenue collection process and broadening the tax base.

In SOTR, telangana has regularly outperformed itself over the past nine years, tripling its tax income in that time and averaging about a 33% increase annually. The Covid crisis immobilized the whole country for two years, yet the SOTR has continued to show promise. telangana achieved 78% of its budget predictions in 2020–21, or Rs 79,339 crore vs a budget estimate of Rs 1,02,026 crore, even though several States in the nation's tax revenues did not reach 50% of their budget forecasts.

Additionally, the State's income surplus was Rs 6,508 crore as opposed to the predicted Rs 3,754 crore at the end of March, while the fiscal deficit was estimated at Rs 32,119 crore. At the end of March, the primary deficit fell to Rs 11,166 crore from the predicted Rs 33,255 crore in the budget forecasts.

The Center's denial of borrowings and other obligations classified as capital receipts caused the largest hit, with telangana getting Rs 32,747 crore instead of Rs 52,227 crore as envisaged in the budget projections. Compared to the budget forecasts of Rs 41,001.73 crore, the Grants-in-Aid and contributions from the union budget were just Rs 13,179.21 crore. In comparison to the budget expectations, the non-tax revenue was also less, coming in at Rs 19,553.62 crore as opposed to Rs 25,421 crore.

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SIBY JEYYA

27/05/2023 07:25 AM