Hyderabad: Telangana Cabinet has approved the vote-on-account Budget for 2024-25 to be presented by Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka in Assembly later in the day.
The Cabinet meeting chaired by Telangana chief minister A. Revanth Reddy on Saturday morning gave its approval to the budget. Industries Minister D. Sridhar Babu will present the Budget in the Legislative Council.
This is the first Budget to be presented by the Congress government after coming to power two months ago.
A full-fledged Budget for 2024-25 will reportedly be presented after the Lok Sabha elections.
Meanwhile, Bhatti Vikramarka reiterated that all the guarantees given by the party in elections will be implemented and aspects like revenue, debts and the Central funds will be covered by the Telangana Budget.
For 2023-24, a Budget of Rs.2.90 lakh crore was presented in February last year by the then BRS government. This year the Budget size in Telangana may cross Rs 3 lakh crore.
The Congress government is likely to make allocations for implementing four of the six guarantees it had made in the recent elections.
What is vote-on-account budget approved by the Telangana government?
Vote on account budget or an interim budget is a short-term budget, valid for a short period, generally leading up to the elections.
The Telangana government has approved the release of its interim budget ahead of the upcoming Lok Sabha elections, which is generally passed without much discussion, unlike a complete budget.
The interim budget allows the government to carry out its function until the voting on the demands for grants, as well as the passing of the Finance Bill and the Appropriation Bill.
A vote-on-account budget only includes government expenditures, while an interim budget covers both receipts and expenditures.