Deputy Chief Minister of Tamil Nadu, O. Panneerselvam, also the finance minster, presented the State budget 2018-19 in the Assembly.
DMK members led by Leader of the Opposition M.K. Stalin staged a walk out after being refused opportunity to speak; they boycotted the Budget speech.
Total revenue receipts, including Central transfers, are estimated at Rs.1,76,251 crore during 2018-19.
The state’s own tax revenue is estimated to be Rs. 98,693 crore.
It is estimated to increase to Rs. 1,12,616 crore in the budget estimates for 2018-19.
The revenue expenditure during 2018-19 is estimated at Rs.1,93,742 crore, which shows a growth of 11.22% over revised estimates 2017-18. The revenue deficit is expected to be Rs. 17,491 crore and the fiscal deficit is estimated to be Rs. 44,481 crore in the budget estimates 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.
During the period from July 2017 and February 2018, the State has received Rs.632 crore as GST compensation from the government of India. A sum of Rs.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 Rs.2,055 crore and submitted to Centre for support.
The subsidy earmarked for 2018-19 budget estimates is Rs.75,722.76 crore, whereas the revised estimate for 2017-18 is Rs.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.Highlights of Tamil Nadu budget.