Finance Minister Yanamala Ramakrishnudu stated the Budget for 2016-17 will be introduced in the Assembly on March 5 and the AGriculture Budget on March 8.
Andhra Pradesh government has started its budget preparatory process for 2016-17. The Finance Department that has been working to give shape to the 2016-17 budget.
Finance Minister Yanamala Ramakrishnudu, who held a review meeting with Finance, Planning and other department officers at the Secretariat earlier, directed the officials to study the expenditure incurred by the departments so far. The meeting decided that allocations to various departments in the budget would be based on the expenditure in the current fiscal.
Finance Minister advised the officials to prepare the budget in such a way to enhance the creditability of the government. The draft budget would be submitted to Chief Minister N. Chandrababu Naidu for his approval.
No new taxes
Mr. Ramakrishnudu later indicated that there would be no new taxes in the budget. Schemes and policies aimed at public welfare would be continued while giving emphasis on plan and capital expenditure to facilitate increased productivity and economic growth.
The budget for 2016-17 would basically see the goals set for 2020 under seven missions of the government and allocate the amount accordingly for each year while prioritising the sectoral allocations to achieve the double digit growth.
The focus will be to curtail the non-plan and revenue expenditure except for the inevitable accounts and lay emphasis on capital expenditure to make the budget growth oriented and futuristic. It will incorporate all the best practices from across the world, he said.