BPL insurance cover is a Tamil Nadu vote catcher
Despite the 17.64% fall in revenue and an ever-widening fiscal deficit, he was optimistic of a 2.02% positive growth rate in 2020-21.
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Chief Minister Edappadi K Palaniswami and Deputy Chief Minister O Panneerselvam arrive at the Assembly to present the Budget in Chennai. (Photo | P Jawahar, EPS)
For Tamil Nadu Deputy CM O Panneerselvam, presenting the poll-year Interim Budget was a tough call, having to balance the pandemic-struck economy and drained coffers on the one side and the people’s mandate on the other. Despite the 17.64% fall in revenue and an ever-widening fiscal deficit, he was optimistic of a 2.02% positive growth rate in 2020-21.
“The people trust no one more than Amma’s (J Jayalalithaa) government led by CM Palaniswami to deliver good governance and to resume fiscal consolidation.
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Tamil Nadu s tax revenue declined by 18 per cent, at about Rs 1 trillion in 2020-21 as per the revised budget. In the aggregate, the State-owned tax revenue (SOTR) is expected to be Rs 1.09 trillion in the revised estimates, down 18 per cent against Rs 1.33 trillion anticipated as revenue in the budget estimates. The interim budget was presented by Tamil Nadu Deputy Chief Minister and Finance Minister O Panneerselvam today. The state, like all other domains, was under intense lockdown for nearly six months before the unlocking started. The government’s fiscal deficit is expected to be widen to Rs 96,889.97 crore, which is five per cent of its GSDP.