Major share for Irrigation sector and Housing in AP Budget

Finance Minister presents tax-free budget

The Finance Minister, K. Rosaiah presented budget for the financial year 2007-08 with special emphasis on Irrigation Sector. It received a whopping outlay of Rs. 13,002 crores, a 30 percent increase over the last year's and housing nearly 300 percent at Rs. 5443 crores in the tax free budget. These two sectors account for well over half of the State's annual plan of Rs. 3,013.54 crores.

As stipulated in the Fiscal Responsibility and Budget Management (FRBM) Act, the Finance Minister showed a meager negative balance of 33.08 crores towards the end of the coming financial year. The Finance Minister could have easily shown a surplus budget but avoided the temptation, as it would lead to curtailment of Central Funds. The fiscal deficit will remain high of Rs. 8620 crores constituting 3.01 percent of the Gross State Domestic Product (GSDP). The Finance Minister seeks to improve the growth rate of agriculture by increasing the plan outlay for the farm and allied services sectors by twenty percent to Rs. 2141 crores in 2007-08.

Reacting on the budget, the Opposition party leader N. Chandrababu Naidu remarked the budget of the YSR Government lacked 'vision and direction'. However, the Chief Minister, Dr. YS Rajasekhara Reddy said that never in the history the plan size has been upped by 50 percent.

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Major share for Irrigation sector and Housing in AP Budget
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Events and happenings on 19 February in History

19 February 2001
Highlights: CLP Leader Mr. YS Rajasekar Reddy has been house arrested.

19 February 2002
Highlights: CLP Leader questions on how Government is going to repay loans

19 February 2003
Highlights: CM to lay foundation stone for Godavari river water project in Visakhapatnam

19 February 2004
Highlights: Foundation stoned laid for LPG storage facility at Visakhapatnam

19 February 2005

19 February 2006
Highlights: MP Owaisi and three other leaders surrender

19 February 2007
Highlights: Major share for Irrigation sector and Housing in AP Budget

19 February 2008
Highlights: Nagam Janardhana Reddy convicted in a defamation case