Hyderabad: The Telangana government unveiled a comprehensive budget of Rs 2.91 lakh crore for the fiscal year 2024-25. The budget, presented by Finance Minister Mallu Bhatti Vikramarka, outlines a revenue target of Rs 2.21 lakh crore and earmarks Rs 33,487 crore for capital expenditure.
Budget Breakdown:
- Total Budget: Rs 2,91,591 crore
- Estimated Revenues: Rs 2,90,814 crore, including Open Market Loans exceeding Rs 57,000 crore
- Agriculture: Rs 72,659 crore
- Education: Rs 21,292 crore
- Irrigation: Rs 22,301 crore
- Panchayat Raj and Rural Development: Rs 29,816 crore
Deputy Chief Minister Mallu Bhatti Vikramarka, responsible for the finance portfolio, emphasized the state’s escalating debt, now reaching Rs 6.71 lakh crore—ten times higher than a decade ago, with no commensurate development. Since the Congress government took office, the state has raised Rs 35,118 crore in new debt while repaying Rs 42,892 crore in loans.
Musi Riverfront Development: A significant highlight of the budget is the allocation of Rs 1,500 crore for the Musi Riverfront Development Project. Vikramarka announced that the project aims to revitalize the ecosystem along the Musi River, transforming 110 km of urban area around Hyderabad. The plan includes developing recreation zones, people’s plazas, children’s theme parks, and entertainment areas, with goals to enhance the economic zone, living standards, heritage preservation, and infrastructure improvement.
The state government has already initiated a socio-economic survey with 33 teams from the revenue department to support the project’s objectives. Inspired by London’s Thames Riverfront Project, this initiative is poised to be a landmark development for Hyderabad, with potential replication across India.
Central Government Support: Prior to the budget announcement, Chief Minister Revanth Reddy and a delegation of ministers met with Union Jal Shakti Minister Chandrakant Raghunath Patil in Delhi, seeking Rs 10,000 crore in central funding for the Musi River rejuvenation and riverfront development.
Last year, the previous state government had allocated Rs 200 crore for the Musi project, later revising it to Rs 50 crore. This year’s budget marks a significant increase in funding, reflecting the government’s commitment to transforming Hyderabad’s urban landscape.
Among the various allocations, Rs 3,065 crore has been allocated to the Greater Hyderabad Municipal Corporation (GHMC), Rs 500 crore to the Hyderabad Metropolitan Development Authority (HMDA), Rs 3,385 crore to Metro Water Works, and Rs 200 crore to the Outer Ring Road (ORR).
Hyderabad old city metro project gets Rs 500 cr: The Hyderabad old city metro project has long been a demand. Recently, Telangana chief minister A Revanth Reddy laid the foundation stone for the Old City metro line between MGBS and Falaknuma.
The 5.5 km stretch is part of Corridor II of the green line from JBS to Falaknuma.
According to HMRL MD NVS Reddy, approximately 1,100 properties will be affected by road widening at the metro rail station locations. The project is expected to cost about Rs 2,000 crore, including road widening and utility shifting.
The metro rail alignment will pass through Darulshifa, Puranihaveli, Etebarchowk, Alijakotla, Mir Momin Daira, Haribowli, Shalibanda, Shamsheergunj, Aliabad, and end at Falaknuma Metro Rail Station. There will be four stations: Salarjung Museum, Charminar, Shalibanda, and Falaknuma.
