OPS pegs Tamil Nadu’s growth at 9pc in 2018-19 fiscal

Panneerselvam, also the State finance minister, attributed the growth projection to changes in agriculture and industries sectors, unlike in the 2017-18 fiscal when the state only achieved 8.03%, owing to primary (agriculture) sector recording 0.63% growth. “It cannot be argued that the growth projects would not come true in all years just because the projections were not accurate one year,” he said, in his reply to the budget debate in the Assembly. 

Asking the Opposition not to trigger panic by citing the net debt of the state, Paneerselvam, who presented his maiden (deficit) budget since the party reunion, said the State has kept the fiscal deficit of the state at 2.82% (Rs 40,736 crore) and 2.79% (Rs 44,481 crore) of the GSDP in 2017-18 and 2018-19 due to able financial management. 

Pointing out that the government had responsibly reduced the net debt to Rs 3.11 lakh crore, against the projected Rs 3.14 lakh crore in 201718, he assured that the fiscal deficit would be further reduced to 2.76% and 2.57% of the GSDP in 2019-20 and 2020-21 fiscals. He also compared the outstanding debt of TN with other states and said efforts would be made to reduce the debt project of the state.