Tamil Nadu Presents Deficit Budget, Expects Economy To Grow Next Fiscal

Panneerselvam

Tamilnadu Budget: Taxes nil, promises full

Presenting his first Budget in the State Assembly after the warring AIADMK factions merged in August previous year, Panneerselvam said the total revenue receipts, including Central transfers, were estimated at Rs 1,76,251 crore during 2018-19 and the State's own tax revenue was estimated to be at Rs 98,693 crore. This led to a higher than projected revenue deficit in 2017-18, Finance Secretary of Tamil Nadu, K Shanmugam said. The Budget has projected the fiscal deficit to GDP ratio at 2.79 per cent for 2018-19, which will be below three per cent fiscal norm. Criticising the state government's decision to host the Global Investors Meet next year, Kamal said before inviting global investors, the government should grant permission to local industries without corruption and delays.

Panneerselvam said an amount of Rs 13,964.08 crore has been provided for the energy sector in the budget 2018-19, which includes Rs 7,537.78 crore as power subsidy for agriculture and other purposes.

He said the total revenue for the state, including transfers from the central government, were estimated at Rs 176,251 crore for the next fiscal.

He said the economy would pick up in the next fiscal and the signals are there in the growth of the gross state domestic product (GSDP).

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It has been made a decision to implement the Athikadavu-Avinasi water project at a cost of Rs 1,789 crore, Panneerselvam announced.

"Will the allocation of Rs 250 crore for Athikadavu-Avinashi be a mirage like past year?" he asked. "Nine hundred more services will be added online", he said.

"In 2018-19, it is proposed to distribute 12,000 milch cows and six lakh sheep or goats to 1.50 lakh beneficiaries under this scheme", Panneerselvam said in his budget speech in the Assembly. On the New Textile Policy -- Panneerselvam said in a move to focus on sunrise sectors, the government would soon come with a "integrated textile policy". Majority are aged 25 years.

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