Revenue loss due to stir temporary: FM

Express News Service
First Published : 24 Feb 2011 03:31:18 AM IST
Last Updated : 24 Feb 2011 10:56:37 AM IST

HYDERABAD: Finance Minister Anam Ramanarayana Reddy has said that the noncooperation movement launched by employees and people would only have a temporary impact on the revenue collections.

Addressing a press meet after the Budget presentation, the minister said excise, commercial tax, transport and stamps and registrations departments would get their collections later.

"The revenue loss is not a permanent one. The collections are deferred temporarily," the minister said.

On non-spending of the budgetary allocations in 201011, the minister said they still had time to spend the amounts till the end of March. "We will achieve our targets by March," he exuded confidence.

The State government had stopped the sale of government lands one year ago and it was determined to protect the lands, he said.

The minister projected savings on subsidy amounts to civil supplies and power departments this year by eliminating diversions and leakages.

"We are introducing Aadhar cards and it would check the irregularities in implementation of subsidised rice scheme. The transmission and distribution loss in power sector will be minimised. Thus, the government was expecting savings in subsidies," the minister said.

State to fund RTC: The minister said that the State government had decided to give Rs 200 crore loan to the RTC. It also permitted the RTC to raise more amounts from financial institutions.

This was to replace the old buses with about 6,000 new ones at a cost of Rs 1,000 crore, he added.