LDF Govt to achieve zero revenue deficit in 3 years

Kochi, Mar 25 (UNI) Kerala Finance Minister T M Thomas Issac today said the LDF Government was committed to achieve its target of zero revenue deficit in three years' time, without cutting expenditure on the social sector.

Speaking at a function here, Dr Issac said the state Government's philosophy on social sector expenditure was different from the Centre. While the Centre had been cutting down on its social sector spending, the state Government was committed to increase its outlay for the social sector.

The state Government would even borrow money to finance the development projects, once the zero revenue deficit target was achieved, he added.

Later, talking to reporters, Dr Issac said the state Government has made a financial commitment of Rs 100 crore for relief and procurement of paddy from farmers who had lost their standing crop in last week's unprecedented summer rains.

Leader of the Opposition Oommen Chandy should also make all efforts to ensure that the Centre made a matching allocation for the farmers, he added.

Dr Issac said the state Government is targeting a 17 per cent growth in tax revenue this year and will hold the revenue expenditure at eight to nine per cent.

The Government will make financial allocation for development projects such as Metro Rail, Kannur Airport and railway overbridges, he added.

Earlier, the Minister had handed over a cheque of Rs 2.5 lakh to Usha James, wife of late James Thomas, Chief Sub-editor, Indian Express, under a health insurance scheme organised by the Kerala Union of Working Journalists in association with the state Government and the United India Insurance Company.

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