Chennai (Tamil Nadu): The Tamil Nadu government on Monday presented the 2024-25 budget, estimating the revenue deficit at over Rs 49,000 crore and made new announcements aimed at achieving the "7 grand Tamil dream" which included social justice and women's welfare.
Tamil Nadu Finance Minister Thangam Thennarasu presented his maiden budget, a paperless, e-budget. The fiscal deficit for the revised estimates 2023-24 is expected to 'marginally increase' to Rs 94,060 crore compared to Rs 92,075 crore in the budget estimates. The fiscal deficit as a percentage of GSDP has risen from 3.25 per cent in budget estimates to 3.45 per cent in the revised estimates 2023-24, due to a downward revision in the GSDP estimates.
Thennarasu made several announcements in sectors including housing, education, and infrastructure. The total revenue expenditure was estimated at Rs 3,48,289 crore, with subsidies and transfers receiving over Rs 1.46 lakh crore, including an additional expenditure for the 'Kalaignar Magalir Urimai Thogai Thittam'.
"In aggregate, the revenue deficit is estimated at Rs 49,279 crore in budget estimates 2024-25. This includes an amount of Rs 14,442 crore for loss funding to TANGEDCO. Excluding this amount, the revenue deficit is estimated to be Rs 34,837 crore in the coming year. Notably, this is lesser than the revenue deficit excluding loss funding to TANGEDCO as compared to the budget estimates 2023-24," the FM said.
The state's own tax revenue has been estimated at Rs 1,95,173 crore, a growth of 14.71 per cent over the revised estimates 2023-24. This includes revenue from commercial taxes, stamps and registration, state excise, and motor vehicle taxes. The budget also anticipates sustained levels of collection from the state's own non-tax revenue.
The budget included the "Kalaignarin Kanavu Illam," a housing scheme named after the late DMK patriarch and former Chief Minister M Karunanidhi. As per the scheme, eight lakh concrete houses will be constructed in rural areas across the state to make it 'hut-free' by 2030, he said.
Social justice, the welfare of the marginalised, and making Tamil youth global achievers were among the seven goals, Thennarasu said in his budget speech. Among others, he announced allocating Rs 300 crore in budget for civic amenities including roads for areas nearby city corporations.
Thennarasu further said the state has made very significant progress in poverty reduction through its welfare schemes. The NITI Aayog has said that people below the poverty line in Tamil Nadu was only about 2.2 per cent, he added.
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