Andhra Pradesh presents Rs 2.25 trn budget for FY21 amid Covid-19 crisis


on Tuesday presented the annual budget for the year 2020-21 with an outlay of Rs 2.25 trillion. The budget. estimates entail an overall decease of 1.4 per cent over the 2019-20 budget estimates on account of the economic slowdown during the Covid-19 pandemic, state finance minister Buggana Rajendranath said.

Presenting the budget in the state legislative assembly, the Rajendranath said the government had taken rapid strides towards fulfilling the goal of comprehensive development of Andhra Pradesh and positioning the state at the very top in terms of human development.

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The budget estimates includes a revenue expenditure of Rs 1,80,789 crore and a capital expenditure of Rs 44,396 crore. Continuing with the post bifurcation legacy, the government has proposed a revenue deficit of about Rs 18,434 crore, while the fiscal deficit has been pegged at Rs 48,298 crore. Allocations to sectors like agriculture and secondary education saw a substantial cut as compared to outlays of these sectors in the previous year.

In the health sector, the government announced that it would open 11000 new clinics in the state apart from

HPCL posts loss of Rs 2,653 cr for Q4; pandemic write off at Rs 1,003 cr


State-run Hindustan Petroleum Corporation (HPCL) posted a consolidated loss before tax of Rs 2,653 crore for Q4FY20 compared to Rs 5,067 crore profit during the same period last year, over inventory losses and exchange rate fluctuations.

HPCL has written down Rs 1,002.93 crore because of inventory losses due to “drastic fall in oil prices accompanied with reduced movement in inventory”. The net impact amounts to Rs 750.51 crore for Q4FY20. The company said that while the impact was not much on sales and operations in 2019-20, its profitability was greatly impacted because its inventory hoIding on the reporting date needed to have been valued at net realisable value which was even lower than the cost.

For the period under review, the company registered gross sales of Rs 71,367 crore, down 2 per cent compared to Rs 72,925 crore in the same period in the previous year. Sales were lower mainly on account of a sharp fall in crude prices during the March quarter.

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The consolidated profit before tax for 2019-20 dropped 86 per cent to Rs 1,374 crore compared

Virus ‘Hunger Pandemic’ Threatens Latin America: UN


The coronavirus crisis is pushing 40 million people into food insecurity in South and Central America and the Caribbean, the UN warned Tuesday, calling for urgent action to avert a “hunger pandemic”.

The UN’s World Food Programme says that in the 11 countries where it operates in the region, the number of people facing severe food insecurity has increased from 3.4 million at the start of the year to 14 million.

But including those in moderate food insecurity would take the number up to around 40 million, due to the socio-economic impact of the pandemic, Miguel Barreto, the WFP’s regional director for Latin America and the Caribbean, said Tuesday.

The alarm came as Latin America and the Caribbean on Monday passed 80,000 COVID-19 deaths, according to an AFP count based on official figures, as the virus accelerates across the region.

“We are really worried about this health trend,” Barreto told reporters in Geneva via video-link from Panama.

“Unfortunately, the news is not good either when it comes to the food security situation.

“Our projections paint a stark picture.

“We need to act quickly to prevent this crisis from becoming a hunger pandemic,” he said.

A woman (pictured July 2019) sells

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