Note ban has reduced Andhra's revenue by 30%: State Minister
Andhra Pradesh Finance Minister Y Ramakrishnudu on Wednesday said that demonetisation has reduced the state's revenue by 30%, but hoped that the implementation of Goods and Services Tax might help increase the government's income. Adding that people have faced problems due to note ban, Ramakrishnudu said the government will need to take measures to sustain the revenues and economic growth.
Vijayawada, Dec 21 (PTI) Demonetisation has led to a 30 per cent drop in revenues for Andhra Pradesh, Finance Minister Yanamala Ramakrishnudu said today but hoped implementation of Goods and Services Tax (GST) might help increase the Government income. Addressing a two-day conference of district Collectors here, Yanamala said people were suffering as they did not have money in hand following the note ban.  "People are facing problems. This is a critical period for the Government. Our revenues are affected and are down by 30 per cent. The Central revenues, too, have dropped and consequently it will lead to decrease in devolution of revenue to the State," he elaborated. "We have to take care to sustain the revenues and also growth by ensuring the economic activity is not down." Yanamala said the State registered an economic growth of 12.23 per cent in the first half of the current fiscal with agriculture and allied sectors contributing 24.44 per cent. 