TN State Budget 2018-2019 Highlights
The state of Tamil Nadu’s Deputy Chief Minister Shri. O. Panneerselvam who is incharge of finance sector, gave away the State budget 2018-2019 in the Assembly recently. During the release, the Leader of the Opposition party DMK, M.K. Stalin walked out for giving an opportunity to speak thus boycotting the 2018 TN Budget speech.
The main highlights of Tamil Nadu State Budget 2018 are:
Consolidated revenue receipts comprising Central transfers, are summed to INR 1,76,251 crore for 2018-2019.
The tax revenue of the state is valued to be Rs.98,693 cr. Further, it is calculated to rise to Rupees 1,12,616 crore in the budget estimates for 2018-19.
The revenue expenditure in 2018-19 is computed at Rs 1,93,742 crore showing a growth of 11.22% over amended estimates 2017-2018.
The revenue deficit is anticipated to be 17,491 cr and the fiscal deficit is graphed to be 44,481 crore in the current budget estimates 2018-19.
The fiscal deficit to GSDP ratio is marked at 2.79 % according to the present budget estimates 2018-19, which is well under the 3% fiscal norm.
From July 2017 and February 2018, the State has had 632 crore as GST compensation from the indian government.
A total of seven hundred and eighty six crore has been apportioned for State Disaster Response Fund for 2018-2019.
An extensive flood management plan for North and South Chennai has been done at an estimated cost of 2,055 crore and is on wait from Centre for support.
The subsidy counted for 2018-19 budget estimates is Rs.75,722.76 crore, while the revised estimate for 2017-2018 is 70,662.74 crore.
The tamilnadu economy is gradually rising that is proof from the rise in GSDP growth rate in factual terms, from 4.85% in 2012-2013 to 8.03% in 2017-18 beyond the temporary falls in between.
The trends in expenses are constant with exception to the scale in salaries and pensions because of the application of 7th Pay Commission recommendations.
Thamimun Ansari of Manithaneya Makkal Katchi MKK, the Alliance party of ADMK, claims that the budget penned by OPS has more pros and cons. Ansari tells that the government has guaranteed to build working women’s hostel for the minority women. Ansari is worried due to the budget didn’t sight anything on the liquor ban.