Tamil Nadu's Inflation Rate Less that the Nation’s: Finance Secretary
20 Feb 2024 12:29 AM IST
Tamil Nadu's Inflation Rate Less that the Nation’s: Finance Secretary (Representational Image)
Chennai: Tamil Nadu was in the throes of a crisis now due to the reduced tax collection and the non-release of funds due to it by the Union Government had added to its financial woes, causing the fiscal deficit of 3.5 per cent, State Finance Secretary T Udhayachandran said.
Speaking to the media after the presentation of the State Budget for the year 2024-25, he said the two disasters faced by the State recently, one brought about by Cyclone Michuang and the other due to heavy rains in the southern districts.
He said the Union Government had not released the Rs 12,000 crore due to the State for the implementation of the Metro Rail Phase 2 project, failed to pay the Rs 17,117 that should come to TANGEDCO under the Uday Scheme and Rs 11,000 crore from the State’s share of CESS and surcharges.
Explaining the budget, he said the total expenditure of the government was projected at Rs 4,12,504 crore, which was a 11.7 per cent increase over the previous year’s, while the projected revenue receipt was Rs 2,99,010 crore, of which its own revenue constituted 75.6 per cent.
Of the State’s own tax revenue, which was at Rs 1,95,173 crore, 73.5 % came from commercial taxes, 12 % from stamps and registration, 6.3 % from State excise, 5.9 % from motor vehicles and 2.3 % from other taxes, he said.
The total capital expenditure for 2024-25 was projected at Rs 47,681 crore, which was an increase of 12.1 per cent over the previous year’s and gave the break up like this: Roads and bridges Rs 17,890 crore, transport sector Rs 2,966 crore, urban development Rs 3,767 crore, water supply schemes Rs 9,535 crore, water bodies 4,747 crore and education and health sectors Rs 2,810 crore.
The revenue deficit of Rs 44,907 included a loss funding of Rs 17,117 crore to TANGEDCO as mandated by the Union Government, he said. Excluding this, the revenue deficit was estimated to be Rs 27,790 crore and in the next year the loss funding to TANGEDCO would be Rs 14,442 crore, excluding which the revenue deficit would be Rs 34,837 crore.
As far as fiscal deficit goes, as a percentage of GSDP it was 3.45 % this year and it would come down to 3.44 % next year, he said.
The major sectoral allocations for 2024-25 in the budget goes like his: urban development Rs 41,733 crore, industries and MSMEs Rs 4,481 crore, rural development Rs 27,922 crore, education Rs 52,254 crore, highway 20,043 crore, social welfare Rs 7,830 crore, transport Rs 9,787 crore, health Rs 20,198 crore, water resources Rs 8,398 crore, police 12,543 crore, adi-dravidar and tribal welfare Rs 3,706 crore and energy Rs 22,310 crore.
Explaining the budget, he said the total expenditure of the government was projected at Rs 4,12,504 crore, which was a 11.7 per cent increase over the previous year’s, while the projected revenue receipt was Rs 2,99,010 crore, of which its own revenue constituted 75.6 per cent.
Of the State’s own tax revenue, which was at Rs 1,95,173 crore, 73.5 % came from commercial taxes, 12 % from stamps and registration, 6.3 % from State excise, 5.9 % from motor vehicles and 2.3 % from other taxes, he said.
The total capital expenditure for 2024-25 was projected at Rs 47,681 crore, which was an increase of 12.1 per cent over the previous year’s and gave the break up like this: Roads and bridges Rs 17,890 crore, transport sector Rs 2,966 crore, urban development Rs 3,767 crore, water supply schemes Rs 9,535 crore, water bodies 4,747 crore and education and health sectors Rs 2,810 crore.
The revenue deficit of Rs 44,907 included a loss funding of Rs 17,117 crore to TANGEDCO as mandated by the Union Government, he said. Excluding this, the revenue deficit was estimated to be Rs 27,790 crore and in the next year the loss funding to TANGEDCO would be Rs 14,442 crore, excluding which the revenue deficit would be Rs 34,837 crore.
As far as fiscal deficit goes, as a percentage of GSDP it was 3.45 % this year and it would come down to 3.44 % next year, he said.
The major sectoral allocations for 2024-25 in the budget goes like his: urban development Rs 41,733 crore, industries and MSMEs Rs 4,481 crore, rural development Rs 27,922 crore, education Rs 52,254 crore, highway 20,043 crore, social welfare Rs 7,830 crore, transport Rs 9,787 crore, health Rs 20,198 crore, water resources Rs 8,398 crore, police 12,543 crore, adi-dravidar and tribal welfare Rs 3,706 crore and energy Rs 22,310 crore.
( Source : Deccan Chronicle )
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