Hyderabad: The State which has endured total loss of revenue for the entire period of lockdown (March 23 to April 30) of around Rs 70,000 crore which accounts for 7.9 per cent of the GSDP is slowly recovering. The Unlock procedure which has opened up certain sectors of the economy helped improve earnings for the State government.
The revenue for the month of August was Rs 3,900 crore which was a mere Rs 933 crore in the month of April. According to data from the government, the State has been witnessing month wise progress as industries, commercial activity, part of transport sector, and construction sector have opened up. While the revenue in the month of April was Rs 933 crore, it was Rs 1,567 crore in May, Rs 3,700 in June, Rs 3,700 in July and Rs 3,900 in August.
“The Telangana government ensured that the purchasing power of the consumers in the State is maintained despite of the financial troubles it was facing. It has spent Rs 15,000 crore on social welfare schemes, free ration, cash incentives to corona warriors, pensions to weaker sections of the society helping to achieve this,” a senior official in the Finance Department said. Recovery was made possible with the government continuing with payment of salaries to its employees and bringing in Rs 7000 crore in the rural economy in the shape of Rythu Bandhu financial assistance scheme.
The State’s finances hit the road to recovery even as the Centre has refused to compensate the shortfall in GST collections . The Centre was supposed to compensate the revenue shortfall of Rs 5,420 crore to Telangana. Telangana State which contributes maximum GST, received the least. So far, Telangana has paid Rs 18,082 crore to the Centre, but has received only Rs 3,223 crore.