Finance Minister Yanamala Ramakrishnudu Today announced that Andhra Pradesh is in deep trouble. 'While the Revenue Deficit was estimated to be Rs 4,868 crore, but it went up to Rs 14,134 crore now. Whereas, Fiscal Deficit is touching Rs 24,000 crore against estimated Rs 20,497 crore. Post demonetisation in November, There is a decline of 7 Percent in AP's revenue in December,' he said during the meeting ahead of Budget Session.
AP Budget for financial year 2016-17 stood at Rs 1,35,688 crore. So far, Government spent Rs 94, 415 crore. Various departments have sought Rs 22,160 crore more than the budget allocations.
Yanamala claims more investments in water resources, infrastructure, energy, capital Amaravati, rural development and panchayat raj have been yielding good results. He, however, terms the declining revenue as an alarming sign and predicts impact on 12.23% growth rate.