Chennai, Mar 20 (UNI) Tamil Nadu Finance Secretary K Gnanadesikan today described the State Budget as an ''inclusive budget'' and said for the first time in several decades the Revenue account has shown a surplus of Rs 84.05 crore.
Talking to reporters after Finance Minister K Anbazhagan presented the budget for the year 2008-09 in the State Assembly, he said ''it's an inclusive budget in true sense of the term, as it focuses on important sectors like agriculture, rural development and education.
''For the first time in several decades, revenue account has shown a surplus. The total revenue receipts for 2008-09 is estimated at Rs 51,505.62 crore, a surplus of Rs 84.05 crore in the context of total revenue expenditure estimated at Rs 51.421.57 crore,'' he added.
He said under the Fiscal Responsbility Act 2003, the revenue deficit must be fully eliminated by the end of current fiscal as a percentage of Gross State Domestic Product (GSDP) must be kept below three per cent.
''In accordance with the above targets, a revenue surplus of Rs 84.05 crore is estimated in the budget estimates. The Fiscal deficit as a percentage of GSDP is estimated at 2.98 per cent and the Medium Term fiscal plan envisages that this ratio will be brought down to 2.96 per cent during 2009-10 and to 2.93 per cent in 2010-11,'' he said.
''Even though the target of eliminating revenue deficit has been achieved before the prescribed time limit, the present revenue surplus will decrease from 2008-09 onwards due to the likely increase in salary related expenditure,'' he said, adding that however, it is estimated that a Revenue Surplus will be maintained in the coming years also as stipulated by the Act.
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