Hyderabad: Telangana Finance Minister T Harish Rao on Sunday presented the state budget for the financial year 2020-21 in the Assembly.
Addressing the house he said, "This budget has been approved against the backdrop of the overall economic slowdown that has gripped the Indian economy. The economy is facing a slowdown for the past one and half years. As a result, there is a reduction in tax devolution and other transfers to the State by the Centre, and a decline in the growth of state revenues."
"Following the economic slowdown, the growth of the state's revenues in 2019-20 (till the end of February) is estimated to be at 6.3% much below the growth rate of 16.1% achieved in 2018-19. Agriculture and allied sectors have recorded impressive growth in 2019 - 20 while the crop sector is estimated to grow at 23.7%," said the Minister while presenting his maiden budget.