While providing Rs 786 crore for State Disaster Response Fund for 2018-19, he also announced a comprehensive flood management plan for the south and north Chennai to mitigate flood problems.
Tamil Nadu Deputy Chief Minister O Panneerselvam on Thursday presented a deficit budget for the year 2018-19 with welfare schemes taking lion’s share of budgetary allocation.
Presenting his first budget after the merger of two warring factions of AIADMK in August last year, Panneerselvam who holds the finance portfolio, said that the total revenue for the state, including transfers from the Central government, was estimated at Rs 1,76,251 crore for the next fiscal while the revenue expenditure is estimated at Rs 193,742 crore.
The revenue deficit was expected to be Rs 17,491 crore and the fiscal deficit at Rs 44,481 crore, he said.
Targeting the AIADMK government for its laxity in pushing the Centre to set up the Cauvery Management Board, opposition DMK party members staged a walkout from the Assembly while sporting black shirts even as Panneerselvam was presenting the budget. Congress and IUML MLAs followed suit.
Betting on the investments made in the primary sector and measures for attracting investments, Panneerselvam said such measures could drive the economic growth to “surpass nine per cent” in the current fiscal despite challenges. He said fiscal consolidation against inadequate central devolution and slow growth of tax and non-tax revenues was among the challenges.
While providing Rs 786 crore for State Disaster Response Fund for 2018-19, he also announced a comprehensive flood management plan for the south and north Chennai to mitigate flood problems.
He also sought a financial assistance of Rs 2,055.67 crore from the Central government. He also announced setting up of mega food parks across the state to create jobs in the rural areas.
Estimation
The total revenue for Tamil Nadu was estimated at Rs 1,76,251 crore for the next fiscal while the revenue expenditure is estimated at Rs 193,742 crore.
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