The budget projected a revenue deficit of Rs 17,491 crore and a fiscal deficit of Rs 44,481 crore.
Chennai: Tamil Nadu Deputy Chief Minister O. Panneerselvam was very candid in admitting that TN faces challenges on various fronts and asserts the Budget for 2018 - 19 fiscal that he presented to the Assembly on Thursday focuses on strategies to tackle 10 challenges and lead TN onto the path of accelerated economic growth.
Haasan, who launched his party on 21 February from Madurai, asked the government to furnish a White Paper on work done on Kudimaramathu, a traditional system of maintenance of water bodies with participation of local farmers, which has been allocated Rs 300 crore just like a year ago.
The net outstanding debt of the state government is pegged at Rs3.55 trillion by 31 March 2019, said Panneerselvam.
Exuding confidence of the economy picking up in the next financial year, he said, "The economy is slowly picking up which is evident from the GSDP growth rate in real terms at 8.03 per cent in 2017-18, from 4.85 per cent in 2012-13, despite the temporary setbacks in-between".
Youth Welfare & Sports has received Rs 191.18 crore allocation, while it has been proposed to expand State Highway of 54 km and district Highway of 34 km at a cost of Rs 80 crore. "Nine hundred more services will be added online", he said.
As a permanent remedy to mitigate the impact of floods in Chennai and its suburban regions, a comprehensive flood management plan for North and South Chennai has been prepared at an estimate of ₹2,055.67 crore and ₹1,243.15 crore respectively. The government has allocated Rs 2.58 bilion for the project for the next fiscal year.
Also, the Chief Minister's constabulary medals will be increased from 1,500 to 3,000 from 2018-19 onwards, he said. The thrust on these key growth sectors as also announcements to unveil a new food processing policy and an integrated textile policy are in tune with the recent suggestions by the Confederation of Indian Industry, (CII) Tamil Nadu.