Telangana to revise funds for FY 2020-21 amid income drop as a result of covid

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The Telangana govt has determined to revise its annual funds for the monetary yr 2020-2021 amid a shortfall in revenues as a result of Covid-19 pandemic, officers aware of the matter mentioned.

Following a gathering with officers of the state’s finance ministry on Friday, chief minister K Chandrasekhar Rao has instructed officers to take up an interim evaluate of the state’s funds, an official launch from the CM’s workplace said.

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“The state’s revenue and income have been reduced severely due to the lockdown imposed due to Corona pandemic. There was cut in the funds from the Centre to the State. The Central GDP has fallen to (Minus) -24 percent. This had a major impact on the states,” the assertion cited the chief minister as saying.

Under these circumstances, KCR mentioned, the state needed to put together estimates on how a lot funds are literally obtainable and the way a lot funds may be allotted to the departments. “Review the entire state budget and submit a report to the government,” the CM instructed officers.

On March 8, state finance minister T Harish Rao had offered the state’s annual funds with an outlay of Rs 1,82,914 crore, with a income surplus of Rs 4,482 crore. The funds projected a income expenditure of Rs 1,38,669 crore and capital expenditure of Rs 22,061 crore.

The chief minister has additionally proposed to make modifications within the present technique of asserting dearness allowance (DA) to the state govt workers and pensioners, officers who attended Friday’s assembly mentioned on situation of anonymity.

As on date, DA is being paid to state govt workers in accordance with the choice taken by the Centre.

The CM mentioned hereafter, the state would announce the DA one time in six months with out ready for the choice of the Centre. “Changes could be made in the instalments at later stage, depending on the Central formula,” he mentioned.

[Attribution HT]

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