Ahead Of Assembly Polls Tamil Nadu Govt Presents Tax-Free Budget, Tamil Nadu assembly election 2016, Tamil Nadu Budget,TN polls, O Panneerselvam, Jayalalithaa ,Tamil Nadu fiscal Budget, Tax-Free Budget
- Details
- Category: TamilNadu Political News
- Last Updated: Thursday, 18 February 2016 16:08
Ahead Of Assembly Polls Tamil Nadu Govt Presents Tax-Free Budget, Tamil Nadu assembly election 2016, Tamil Nadu Budget,TN polls, O Panneerselvam, Jayalalithaa ,Tamil Nadu fiscal Budget, Tax-Free Budget
CHENNAI: Tamil Nadu Finance Minister O Panneerselvam today presented a tax-free interim budget for 2016-17 ahead of Assembly polls and pegged revenue deficit at Rs. 9,154.78 crore, terming it as unavoidable.
He also expressed confidence that Chief Minister Jayalalithaa will sweep back to power.Presenting the budget in the ongoing last session of the 14th Assembly, he said the revenue deficit was unavoidable.
"The huge revenue deficit is unavoidable due to falling state's own tax revenue especially the sales tax revenue from petroleum products."
Total revenue receipts have been estimated at Rs. 1,52,004.23 crore, total revenue expenditure at Rs.1,61,159.01 crore and revenue deficit at Rs. 9,154.78 crore.
"Further, when the state is implementing unique schemes like green houses, free distribution of fan, mixer, laptops, such revenue deficit is unavoidable," he said.
In the revised estimates for 2015-16, fiscal deficit was estimated at Rs. 32,359.59 crore which was 2.94 per cent of Gross State Domestic Product and for 2016-17 it has been projected at Rs. 36,740.11 crore, he said.
"The fiscal deficit to GSDP ratio has been contained to 2.92 per cent which is well below the limit prescribed by the 14th Finance Commission."
Stating that Chief Minister Jayalalithaa "enjoys overwhelming support" of all sections of society, he said she "has striven to fulfill the aspirations of all citizens and has given good governance through exemplary performance."
"With her astute leadership, she has transformed Tamil Nadu into a strong, progressive and prosperous State. Our people, who are well aware of this will not be swayed by any false propaganda (by Opposition)," he said.
"Like the mythological bird Annam which is capable of separating water from milk, our people can differentiate good and bad and they will deliver the correct judgement at the right time," he said as the state is set to go to polls soon.
"I am confident that they will ensure that our Chief Minister gets another resounding victory in the coming election and that our journey to take forward the State's development continues," he said.