Tamil Nadu Deputy Chief Minister O Panneerselvam presented the 2018-19 budget in the state Assembly today. This is the first budget of the Tamil Nadu government after last year's merger of Chief Minister K Palaniswami and Deputy Chief Minister O Panneerselvam-led AIADMK camps. It is also the first budget of Tamil Nadu government, after implementation of the Goods and Services Tax.
Here are the budget speech highlights:
- Total revenue receipts, including Central transfers, are estimated at ₹1,76,251 crore during 2018-19.
- The state's own tax revenue is estimated to be ₹98,693 crore.
- 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.
- A sum of ₹786 crore has been provided for State Disaster Response Fund for 2018-19.
- 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.
- 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 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.
- 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 revenue expenditure during 2018-19 is estimated at ₹1,93,742 crore, which shows a growth of 11.22% over revised estimates 2017-18.
- It is estimated to increase to ₹1,12,616 crore in the budget estimates for 2018-19.