Here Are The Main Highlights From TN Budget Announcement 2018 Which Was Presented By OPS

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Deputy Chief Minister Mr. O. Pannerselvam announced the state budget of 2018-19 in the assembly today. This is the first budget announcement after the collaboration between Tamilnadu Chief Minister Edapadi K Palanisaamy and Deputy Chief Minister Mr. O. Panneerselvam. And it is also the first budget announcement after the implementation of Goods and Services Tax (GST).

  • The economy is slowly picking up which is evident from the increase in GSDP growth rate in real terms, from 4.85% in 2012-13 to 8.03% in 2017-18 despite the temporary setbacks in between.
  • A comprehensive flood management plan for North Chennai and South Chennai has been prepared at an estimate of ₹2,055 crore and submitted to Centre for support.
  • It is estimated to increase to ₹1,12,616 crore in the budget estimates for 2018-19.
  • The fiscal deficit to GSDP ratio is estimated at 2.79% as per the budget estimates 2018-19, which is well below the 3% fiscal norm.
  • The revenue deficit is expected to be ₹17,491 crore and the fiscal deficit is estimated to be ₹44,481 crore in the budget estimates 2018-19.
  • The subsidy earmarked for 2018-19 budget estimates is ₹75,722.76 crore, whereas the revised estimate for 2017-18 is ₹70,662.74 crore.
  • The trends in expenditure are steady except for the hike in salaries and pensions due to the implementation of Seventh Pay Commission recommendations.
  • A sum of ₹786 crore has been provided for State Disaster Response Fund for 2018-19.
  • During the period from July 2017 and February 2018, the State has received ₹632 crore as GST compensation from the government of India, Mr. Panneerselvam informs Assembly.
  • The trends in expenditure are steady except for the hike in salaries and pensions due to the implementation of Seventh Pay Commission recommendations.
  • The state’s own tax revenue is estimated to be ₹98,693 crore.
  • Total revenue receipts, including Central transfers, are estimated at ₹1,76,251 crore during 2018-19.

After the budget announcement was made by The Deputy Chief Minister, DMK members led by M.K. Stalin walked out of the assembly as they were not allowed to make a statement on the announcement.

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