The annual plan outlay was fixed at Rs 2,988.77 crore, 9.7 per cent higher than the amount mentioned in the vote-on-account presented in March.
In a 90-minute presentation, Gajapathiraju said allocations for irrigation, women development, child welfare, housing and youth and minority welfare had been significantly stepped up.
In 1996-97, Rs 11,965.3 crore will be spent under non-plan and Rs 2,988.77 crore under state plan, resulting in a revenue deficit of Rs 604.55 crore, he said.
However, after taking into account overall transactions of the year, the net deficit will be around Rs 68.54 crore.
With an opening deficit of Rs 158.71 crore, the financial year was expected to end with a deficit of Rs 227.25 crore, the minister said.
The social-safety network of welfare schemes aimed at poverty alleviation, enhancement of income earning capacity of the poor and evolving responsive delivery systems formed the main thrust of the government's strategy for overall development, Gajapathiraju said.
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No fresh taxes were proposed in the budget as the government had recently effected a steep hike in power tariff, water cess and professional tax, reintroduced entry tax besides modifying the subsidised rice scheme to mop up an additional annual revenue of around Rs 3,000 crore.
The infrastructure sector got the lion's share of the plan outlay with irrigation (Rs 809.6 crore), energy (Rs 619.7 crore) and transport (304.16 crore) accounting for 78 per cent of the total outlay.
The government proposes to bring about a legislation shortly to establish a state commission for women with powers to examine existing laws and ensure opportunities for women on par with men in all areas including employment and economic activities, Gajapathiraju said.
The commission will also be empowered to investigate atrocities against women and recommend appropriate remedies to the government, he said.
The renewed emphasis on the social services sector was reflected in the increased outlay from Rs 622 crore in the vote-on-account to Rs 831 crore.
An ambitious programme was underway to develop large scale industrial parks with dedicated infrastructure facilities, the minister said, adding that five pilot projects would come up soon at Krishnapatnam, Kakinada, Nagarjunasagar, Tirupathi and Visakhapatnam.
A comprehensive project for upgrading and strengthening the 1,350 km-long state highways is to undertaken with World Bank assistance and an agreement to this effect will be signed in January next year, he said.
Under the weaker sections housing scheme, seven lakh houses would be built in the current year with a financial outlay of Rs 617.7 crore. It was also proposed to raise eligibility income level from the present Rs 6,000 per annum to Rs 11,000, he said.
The government has accorded top priority to major irrigation projects such as Sriramsagar project, Srisailam right bank canal and the Telugu Ganga project, the minister said.