16 March 2017 Current Affairs: The Andhra Pradesh Finance Minister Yanamala Rama Krishnudu on 15 March 2017 presented the annual budget for the State for the period between April 2017 and March 2018.
The total size of the budget is pegged at Rs 1,56,999.40 crore, out of which revenue expenditure will be Rs 1,25,911.62 crore.
Highlights of the budget : The Receipts on revenue account during the year 2017-18 are estimated at Rs 1,25,495.82 crore as against Rs 1,07,708.88 crore during the FY 2016-17.Rs 9,091 crore, which constitutes 5.79 per cent of the total budgetary spending, was allocated for the development of agriculture and allied sectors.
To revitalize the rural economy, Rs 19,565 crore was allocated to develop social and economic infrastructure in rural areas.The finance minister has proposed Rs. 3,600 crore for the payment towards the next instalment of debt redemption for farmers.
Micro Irrigation was given top priority with a proposed outlay of Rs 200 crore for the year 2017-18.
Under Rashtriya Krishi Vikas Yojana, it was proposed to encourage farmer groups in vegetable growing areas in value addition activities such as grading and packing, establishment of market linkages and pack houses.Oil palm area expansion will be encouraged with the proposed allocation of 55 crore rupees.
The Andhra Pradesh Industrial Corridor Development Authority (APICDA) will be established shortly to manage industrial infrastructure development under a single umbrella entity.An allocation of Rs. 125 crore is proposed in the financial year 2017-18 for rejuvenation of MSMEs.
A provision of Rs. 364 crore was proposed for IT, E&C department in the financial year 2017-18.
In the financial year 2017-18, an allocation of Rs 285 crore was proposed for tourism development and Rs 72 crore to the cultural affairs department. It was proposed to help 1,09,326 SC families under economic support schemes during 2017-18 with an investment of Rs 847 crore.