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Tamil Nadu: Deficit budget, Centre blamed for cutting funds

In his budget speech, deputy Chief Minister and Finance Minister O Panneerselvam blamed the Centre for cutting down funds, but said there is a favourable climate for the state’s economic growth, which is expected to increase tax revenues as well.

By: Express News Service | Chennai |
February 9, 2019 4:06:15 am
Deputy Tamil Nadu Chief Minister O Panneerselvam. Deputy Tamil Nadu Chief Minister O Panneerselvam.

The Tamil Nadu government Friday presented the state budget in the Assembly, aiming to lower the fiscal and revenue deficit in the coming financial year. In his budget speech, deputy Chief Minister and Finance Minister O Panneerselvam blamed the Centre for cutting down funds, but said there is a favourable climate for the state’s economic growth, which is expected to increase tax revenues as well. The revenue expenditure in 2019-20 is expected to grow at 6.1% and likely to be Rs 2.12 lakh crore.

Panneerselvam said Rs 5,164.98 crore has been allocated for urban local bodies, and Rs 6573.61 crore towards rural local bodies as the finance commission devolution, noting that a sum of Rs 3,852.17 crore is still pending from the Centre for the urban and rural local bodies for the previous year. While the total debt is expected to increase to Rs 3.95 lakh crore, and interest expenses may touch Rs 33,000 crore in the coming finance year.

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