Key allocations include ₹11,855 crore for agriculture and allied sectors, supporting crucial initiatives like Annadatha Sukhibhava–PM KISAN scheme, Polam Pilusthondi, Vaddi Leni Runalu, and the distribution of Soil Health Cards. These programs aim to boost agricultural productivity and support the livelihoods of farmers. A dedicated fund of ₹1,215 crore has been allocated for skill development to enhance employability across industries.

Significant allocations for welfare include ₹18,497 crore for Scheduled Castes, ₹7,555 crore for Scheduled Tribes, ₹239,007 crore for Backward Classes, and ₹24,376 crore for minority welfare. A strong focus on women and child welfare is reflected in the ₹24,285 crore allocation. For education, ₹29,909 crore is directed to school education and ₹2,326 crore for higher education, reinforcing the state’s commitment to building a skilled future workforce.

In the healthcare sector, ₹18,421 crore will be allocated, while urban development and panchayat raj will receive ₹11,490 crore and ₹16,739 crore, respectively. Infrastructure development sees a substantial boost, with ₹29,554 crore allocated for roads and buildings, ensuring better connectivity and road safety.

With a total revenue expenditure of ₹2,35,916.99 crore and capital expenditure set at ₹32,712.84 crore, the overall budget estimate stands at ₹2,94,427.25 crore. The Finance Minister highlighted that these allocations are part of the “Super Six” promises, pledging support for a broad range of welfare schemes and development initiatives to improve the quality of life for all citizens.

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The upcoming meeting of the MPC, led by Reserve Bank Governor Shaktikanta Das, is scheduled from August 6 to 8, with the rate-setting panel’s decision set to be disclosed on August 8 (Thursday). Madan Sabnavis, the chief economist at Bank of Baroda, anticipates that the RBI will maintain a status quo position in the upcoming credit policy due to persistent inflation, currently standing at 5.1 per cent. Sabnavis emphasized the need for substantial evidence of a sustained decline in inflation before any policy adjustments are made.

Aditi Nayar, chief economist at ICRA, suggested that a shift in stance could occur in October 2024 if favorable food inflation outlooks align with normal monsoon conditions in the latter half of the season. This potential change may be followed by gradual 25 basis points rate cuts in December 2024 and February 2025. Pradeep Aggarwal, founder and chairman of Signature Global (India), expects the RBI to maintain the status quo on interest rates due to ongoing challenges posed by retail inflation. Aggarwal emphasized that any future change in stance would provide relief to borrowers and boost housing loan demand, potentially benefiting the overall economy, especially when combined with achieving the 4.9 per cent fiscal deficit target.

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Pemmasani noted a recent clarity in fund disbursement from the Centre, particularly acknowledging the significant support of 15,000 crore for Amaravati following the change in state leadership. Notably, substantial funding is anticipated through railway allocations in the budget, further boosting the state’s development prospects. Minister Pemmasani commended the Modi government for its economic performance, citing a rise in GDP to 8.2% for FY 2023-24 from 3.9% in FY 2019-20. The fiscal deficit, which stood at 9.2% of GDP in 2021, has shown improvement, declining to 5.6% by 2024.

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