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ICICI Lombard Expert Blog
 

Telangana Budget Proposes Support Scheme and Insurance Cover For Farmers

March 15 2018
Support Scheme and Insurance Cover For Farmers

The Telangana government presented the State Budget for 2018-19. The budget was lauded by Chief Minister Chandrasekhar Rao as striking a balance between welfare and development. It was presented by state Finance Minister Eatala Rajender and had special focus on agriculture, irrigation and insurance.

The total estimated expenditure for Telangana stood at ₹1,74,453.84 crore, out of which the revenue expenditure is pegged at ₹1,25,454.70 crore and capital expenditure will be ₹33,369.10 crore. On the other hand, the revenue from the state is expected to hit ₹73,751 crore this fiscal year.

Agriculture got substantial allocations in this year’s budget with an Investment Support Scheme announced to aid farmers, the amount set aside for this is ₹12,000 crore. This scheme pledges an investment support of ₹4,000 per acre of crop for a maximum of two crops.

Apart from investment support, Eatala Rajender also announced in the budget speech that farmers would also be provided life insurance coverage of ₹5 lakh, which will be rolled out under a new Farmer Group Insurance Scheme. The State Government has allotted ₹500 crore in the budget for this purpose.

Telangana’s economy is growing at a decent pace, according to the Finance Minister, the economy will grow at 10.4%, better than the national GDP growth of 6.6%. The minister also pointed out that the manufacturing and agriculture sectors were showing promising growth in the future.

*Source: Economic Times

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