TN budget shows rs 84.05 crore surplus in revenue account
The Tamil Nadu budget for 2008-09 has shown a surplus of Rs 84.05 crore in the revenue account for the first time in several decades, State Finance Secretary K Gnanadesikan said on Thursday.
By PTI |
CHENNAI: The Tamil Nadu budget for 2008-09 has shown a surplus of Rs 84.05 crore in the revenue account for the first time in several decades, State Finance Secretary K Gnanadesikan said on Thursday.
Briefing reporters after Finance Minister K Anbazhagan presented the budget in the House, he said the total revenue receipts for 2008-09 was estimated at Rs 51,505.62 crore, while total revenue expenditure was pegged at Rs 51,421.57 crore, thereby showing a surplus of Rs 84.05 crore.
The total capital expenditure of the Government, including loans and advances, was projected at Rs 9,876.35 crore, resulting in a total fiscal deficit of Rs 9,792.30 crore.
However, the fiscal deficit was well within the limits of less than 3 per cent of the Gross State Domestic Product, as prescribed by the Fiscal Responsibility Act, 2003, he said.
Gnanadesikan said the Medium Term Fiscal plan envisaged reducing the fiscal deficit from the present 2.98 per cent to 2.96 per cent during 2009-10 and further down to 2.93 per cent during 2010-11.
On the impact of VAT, implemented in the state from January one, 2007, he said there were signs of revenue growth since January 2008. The revenue was expected to go up by 15 per cent next year due to several factors including expected rise in fuel prices, he added.
Briefing reporters after Finance Minister K Anbazhagan presented the budget in the House, he said the total revenue receipts for 2008-09 was estimated at Rs 51,505.62 crore, while total revenue expenditure was pegged at Rs 51,421.57 crore, thereby showing a surplus of Rs 84.05 crore.
The total capital expenditure of the Government, including loans and advances, was projected at Rs 9,876.35 crore, resulting in a total fiscal deficit of Rs 9,792.30 crore.
However, the fiscal deficit was well within the limits of less than 3 per cent of the Gross State Domestic Product, as prescribed by the Fiscal Responsibility Act, 2003, he said.
Gnanadesikan said the Medium Term Fiscal plan envisaged reducing the fiscal deficit from the present 2.98 per cent to 2.96 per cent during 2009-10 and further down to 2.93 per cent during 2010-11.
On the impact of VAT, implemented in the state from January one, 2007, he said there were signs of revenue growth since January 2008. The revenue was expected to go up by 15 per cent next year due to several factors including expected rise in fuel prices, he added.
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