O Panneerselvam
Panneerselvam presented the Budget for 2018-19 which projects the revenue deficit to be at Rs 17,491 crore and the fiscal deficit, Rs 44,481 crore.
Presenting the state budget for 2018-19, AIADMK coordinator and Deputy Chief Minister O Panneerselvam said certain critics with "myopic vision" were indulging in "fallacious propaganda" against the Dravidian rule.
The increase in transport bus fare price, increase in tax components related to the entertainment industry, registration and utility charges will push the revenue index for the state and the revenue-earning projection will be around '1.7 lakh crore and the deficit will be around '17,000 crore, higher than that of last year's deficit of '15,930 crore, sources said.
He said fiscal consolidation against inadequate central devolution and slow growth of tax and non-tax revenues was among the challenges.
Mr Panneerselvam said the fall in tax revenue growth has been significant in 2017-18, owing to the reduction in commercial and state excise tax.
While the percentage of persons living below poverty line in Tamil Nadu in 1973-74 was 54.94, it has come down to 11.28 per cent in 2011-12 as per the National Sample Survey, Mr Panneerselvam said.
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"The economy is slowly picking up, which is evident from the increase in GSDP growth rate in real terms, from 4.85 percent in 2012-13 to 8.03 percent in 2017-18 despite the temporary setbacks in between", the minister said.
In addition to Rs 182 crore, the state has also allocated Rs 41.65 crore that had to come from the Centre for the project.
He said the Government would also set up fishing harbours in Nagapattinam district at a cost of Rs 220 crore. "Nine hundred more services will be added online", he said.
While providing Rs 786 crore for State Disaster Response Fund for the year 2018-19, he also announced a comprehensive flood management plan for south and north Chennai to mitigate flood problems and sought a financial assistance of Rs 2055.67 crore from the Centre.
"In 2018-19, it is proposed to distribute 12,000 milch cows and six lakh sheep or goats to 1.50 lakh beneficiaries under this scheme", Panneerselvam said in his budget speech in the Assembly. The trends in expenditure were steady except for the hike in salaries and pensions following the implementation of the Seventh Pay Commission recommendations.
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