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Borrowings by the TN govt were well within limits prescribed by the Finance Commission, state Finance Secretary S Krishnan said on Tuesday.
He also said that Tamil Nadu s share of taxes on petroleum products has fallen since the introduction of cess by the Centre.
Chennai: Borrowings by the Tamil Nadu government were well within limits prescribed by the Finance Commission, state Finance Secretary S Krishnan said on Tuesday.
Addressing the post-budget press conference, he also said Tamil Nadu s share of taxes on petroleum products has fallen since the introduction of cess by the Centre.
Amid Opposition criticism of the state s overall estimated debt of Rs 5.70 lakh crore with the government intending to borrow Rs 84,686 crore, the official said it was within the 15th Finance Commission limits, unlike some states which have raised more funds breaching the ceiling.
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Increase in spending for health
Owing to COVID-19 pandemic and an increase in spending for health and relief, the total revenue deficit in 2020-21 is estimated to be Rs. 65,994.05 crore, a substantial increase from Rs. 21,617.64 crore projected in the Budget Estimates 20-21, Mr. Panneerselvam says.
The budget projected a positive growth rate of 2.02 per cent in 2020-21.
It expressed hopes of the economy rebounding due to various sustainable policy decisions of the govt.
Chennai: Ahead of the assembly elections likely in April, the AIADMK government in Tamil Nadu on Tuesday presented an interim budget for 2021-22 with the COVID-19 pandemic contributing to a 17.64 per cent fall in revenue and a widening of fiscal deficit.
The budget, presented amid a boycott by DMK and its allies, projected a positive growth rate of 2.02 per cent in 2020-21 as it expressed hopes of the economy rebounding due to various sustainable policy decisions of the government.
‘No harm in altering conventions’ With Deputy Chief Minister O. Panneerselvam set to present an interim budget in the Assembly on Tuesday, the question being debated in government and political circles is whether he will announce a scheme, following the example set by the Centre two years ago.
Deviating from the convention of refraining from launching schemes at the presentation of an interim Budget, the BJP-led government at the Centre, in Februrary 2019, unveiled the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), which was meant to provide farmers up to ₹6,000 a year as minimum income support.
‘Rules more sacrosanct’ S. Semmalai, a veteran legislator from the ruling party, sees no harm in taking the path shown by the Centre.
‘T.N.’s cumulative revenue deficit hit ₹1,31,000 cr. in 5 years’ DMK MLA and IT wing secretary P.T.R. Palanivel Thiaga Rajan on Monday said the Tamil Nadu government’s
Vetrinadai Podum Tamizhagam (Tamil Nadu marches on successfully) campaign was a farce since the State’s cumulative revenue deficit had touched a whopping ₹1,31,000 crore in five years.
“This is unheard of in any State or country in the world. That is why we say leadership matters. I do not understand the slogan of the government that says Tamil Nadu is on the path of progress,” he said in a pre-Budget analysis. The government is set to present its interim Budget on Tuesday.