CM directs mid-term review of budget
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Chief Minister {K}. Chandrasekhar Rao has directed officers of the Finance division to conduct a mid-term review of the annual budget for the present 12 months to reassess the monetary place of the federal government.
The review was mandated because the State confronted a significant reduce within the releases from the Central authorities following the novel coronavirus (COVID-19) pandemic. The State’s income and revenue had been adversely affected as a result of lockdown imposed on account of COVID-19.
There was additionally reduce within the funds from the Centre receivable by the State. The Centre’s GDP had dropped to damaging (-24 per cent) and this had a significant impression on the States. Given these circumstances, there was a necessity to arrange estimates on how a lot funds had been really accessible so {that a} determination might be taken on the quantum of funds that might be allotted to departments.
Accordingly, he directed the officers to conduct a review of the budget and submit a report.
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