Telangana Seeks Fiscal Flexibility, Rs 1,800 Cr Grants At Pre-Budget Meeting
Date
12/21/2024 2:09:57 PM
(MENAFN- KNN India)
Hyderabad, Dec 21 (KNN)
Telangana Finance Minister Bhatti Vikramarka has called for increased fiscal flexibility and greater financial support from the central government to sustain the state's development momentum.
Speaking at a pre-budget meeting of state finance ministers in Rajasthan, Vikramarka outlined several key priorities aimed at strengthening the state's financial position and advancing its development agenda.
The Finance Minister presented a comprehensive set of proposals, including a request for the release of Rs 1,800 crore in pending grants and fair allocation in centrally-sponsored schemes (CSS) funding.
He also advocated for states' autonomy in branding CSS initiatives and pushed for more flexible borrowing mechanisms. A significant component of his proposal included the extension of a Rs 450 crore annual grant for an additional five years to support backward districts, addressing bifurcation-related requirements.
Vikramarka emphasised the importance of reforming the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), suggesting greater flexibility in fund utilisation for innovative public works projects.
This approach, he explained, would serve the dual purpose of generating employment opportunities while creating lasting infrastructure assets.
The minister also addressed the emerging gig economy, calling for the establishment of a grievance redressal mechanism to mediate disputes between gig workers and platform companies.
In addressing industry concerns, the Finance Minister proposed GST rationalisation measures to support MSME sectors. His recommendations included reducing or exempting GST on essential machinery to lower production costs and facilitate the adoption of Industry 4.0 technologies.
These measures, according to Vikramarka, are crucial for maintaining Telangana's growth trajectory while ensuring effective implementation of welfare programs across education, healthcare, and infrastructure sectors.
(KNN Bureau)
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