Sunday, 17 November, 2019

TN Govt to establish Tamil Language Propogation Centre, Tamil Cultural Centre : OPS

O Pannerselvam O Pannerselvam
Patty Aguilar | 16 March, 2018, 02:12

In a veiled attack on the BJP leaders predicting the end of Dravidian parties rule in Tamil Nadu, the ruling AIADMK on Thursday took on the critics of Dravidian movement saying that Tamil Nadu has progressed much better than many other states and achieved stupendous progress on various socio-economic fronts during the last fifty years.

Meanwhile the secretariat is decked up for the budget and on the eve of the budget, officers attached to the office of the CM and deputy chief minister were seen working overtime with fiscal records to be tabled by Panneerselvam who also holds the finance portfolio.

Tabling the first budget after the implementation of the goods and services tax (GST), Panneerselvam said the total revenue receipts, including central transfers, were estimated at Rs1.76 trillion during 2018-19. Revenue deficit would stand at Rs17,491 crore for the financial year 2017-18 and the fiscal deficit projected is Rs44,481 crore.

While sticking to the target of lowering the fiscal deficit from 4.14 per cent of the GSDP in 2016-17 to 2.82 per cent in 2017-18 due to buoyancy in revenue collection after implementation of the GST regime, he said the government did not meet its revenue target and revised it downwards for 2017-18 due to less revenue from liquor.

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"The favourable climate in the State's economy is expected to considerably enhance the State's own tax revenues", he said. Tamil Nadu, which had opposed the implementation of GST, informed the assembly that it estimated revenue of Rs86,859 crore from GST for 2018-19.

The fiscal deficit to gross state domestic product (GSDP) ratio is estimated at 2.79%, which is well below the 3% Fiscal Responsibility Budget Management (FRBM) norm.

Stating that the introduction of GST created an uncertainty for a short period, while global and national economy has been picking up slowly, he said, "despite these factors, the State's economy has picked up moderate growth and GSDP growth rate in 2017-18 is estimated to be 8.03 per cent". The expenditure for the next fiscal is estimated at Rs 193,742 crore.

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.

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