TN Budget 2018: O Panneerselvam presents budget, TN's debt will be 3.55 lakh crore ,DMK stage walkout

As Deputy Chief Minister O Panneerselvam began presenting the Budget for the fiscal 2018-2019, the Leader of Opposition MK Stalin rose and demanded that he be allowed to raise the Cauvery issue and subsequently staged a walkout after his plea was junked by Speaker P Dhanapal. 

Calling it a strategical budget tackle ten challenges including fiscal consolidation against central devolution and slow growth of tax and non-tax revenues, OPS presented the Budget with an outlay of Rs 75,722 crore earmarked for subsidies, which is Rs 5,140 crore more than revised estimates for the current fiscal while the outstanding debt including provident fund projection for fiscal ending on March 31, 2019 will be 3.55 lakh crore.

The tax revenue growth was lower than Budget Estimates 2017-2018 and the reason assigned is closure of TASMAC liquor shops on Highways based on a Supreme Court's directive.

The Total Revenue Receipts(TRR) including Central Transfers is estimated to be Rs 1,76,251 crore for the ensuing fiscal. 

Revenue Expenditure has been set as Rs 1,93,742 crore with a 11. 22 per cent increase compared to revised estimates. Of this, salaries would account for Rs 52,171 crore while pensions and retirement benefits would amount to Rs 25,362 crore.

Grants-in-aid from Centre is estimated as Rs 20,627 crore based on the provisions made in the Union Budget.

State's share in Central Taxes is estimated at Rs 31,707 crore based on provisions in the Central Budget. State proposes to borrow Rs 43,962 crore as against the Net Borrowing Ceiling of Rs 47,888 crore in 2018-2019. Revenue Deficit and Fiscal Deficit are estimated as Rs 17,491 and 44,481 crore in the Budget Estimates 2018-2019.

The Fiscal Deficit to GSDP ratio is estimated at 2.79 per cent.

Capital Expenditure allocated was Rs 28,283 crore as against Rs 24,298 crore in Revised Estimates 2017-2018.