Finance minister K Anbazhagan said the state expects a revenue surplus of Rs 439 crore, "wiping out" the revenue deficit by the end of the 2011-12 financial year.
The interim budget for 2011-12 presented by Finance Minister K Anbazhagan in the Tamil Nadu assembly today showed a revenue surplus of more than Rs 430 crore.
Presenting the last budget of the DMK government before the forthcoming assembly polls in the state, Anbazhagan in his budget estimates said revenue deficit will be "completely wiped out" at the end of the 2011-12 fiscal.
Total revenue receipts have been estimated at Rs 79,413 crore and total revenue expenditure at Rs 78,974 crore, he said.
"As a result, revenue deficit will be completely wiped out by the end of the financial year 2011-12," he said.
There will be a revenue surplus of Rs 439 crore but further surplus "is ruled out" because of the last instalment of Sixth
Pay Commission arrears due for payment, he said.
Fiscal deficit of the state would be 2.3 per cent of the Gross State Domestic Product (GSDP), which would be below the three per cent limit fixed by the 13th Finance Commission, he said.
On the debt front, the state government had been 'very careful' in managing it, he said, adding the outstanding debt including liabilities like provident fund was set to increase.
"The outstanding debt, which was Rs 57,457 crore as on March 31, 2006, is estimated to increase to Rs 1,01,541 crore as on March 31, 2011," he said.
Increase in the debt in the five year period from 2006-07 to 2010-11 has been estimated at Rs 44,084 crore and the total capital expenditure during the same period has been Rs 44,667 crore, he said.
"This shows that the whole of the mobilised debt has been utilised for productive purposes", he said.
"The debt-GSDP (Gross State Domestic Product)ratio which was 22.29 per cent at the end of 2005-06 would be 19.58 per cent at the end of 2010-11," he said.
On future prospects, he said the state's own tax revenue was estimated at Rs 49,125 crore for 2010-11 and Rs 53,783 crore for 2011-12.
Non-tax revenue was estimated at Rs 4,280 crore in the interim budget estimates, he said.
Anbazhagan said no new announcements were made in the interim budget, but the government was prepared for it, after taking into account details of various schemes under implementation.
This included the Kalaignar Housing scheme and cooperative
loans waiver of Rs 7000 crore which were not part of DMK's
election manifesto (in 2006).
"The full-fledged budget estimates for the whole year will be presented after the formation of the new government subsequent to the forthcoming the assembly polls," he said.
On various projects currently underway, Anbazhagan said construction of new legislative assembly, legislative council
and secretariat were under progress.
The two projects had been allocated Rs 1,092 crore and Rs 244 crore respectively in the interim budget.
The state finance minister said a sum of Rs 100 crore was allocated for improving amenities in refugee camps for Sri Lankan Tamils.
The government would continue to press for expeditious rehabilitation of Sri Lankan Tamils and finding a lasting
political settlement, he said.
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