Insta
Tamil Nadu Chief Minister Edapadi K Palanisamy and Deputy Chief Minister O Pannerselvam (Habib Ws/Twitter)
Presenting the state’s budget in the assembly, Tamil Nadu Deputy Chief Minister and Finance Minister O Pannerselvam today (16 March) said that the state has adhered to its target of reducing its fiscal deficit from 4.4 per cent of the gross state domestic product (GSDP) in 2016-17 to 2.82 per cent in 2017-18, reports The Times Of India. Panneerselvam attributed this reduction due to the buoyancy in revenue collection after the Goods and Services Tax (GST) was implemented.
He added that the state hadn’t met its revenue target and thus had revised it downwards due to lesser revenue from liquor.
The state’s total debt at the end of the next financial year is expected to be around Rs 3.55 lakh crore which is 22.29 per cent of the GSDP which is against the norm of 25 per cent.
Tamil Nadu estimates tax revenues of Rs 1.12 lakh crore in the upcoming financial year as compared to Rs 98,673 crore in the current one. It estimates revenue from GST – which it was initially opposed to – to be Rs 86,869 crore. With a GSDP growth of 8.03 per cent in 2017-18, Panneerselvam said he was confident that the economy would pick-up soon.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest