The interim budget for 2016-17 presented by Finance Minister O. Panneerselvam on Tuesday February 16,2016 showed Tamil Nadu’s revenue expenditure overshooting receipts by a whopping Rs. 9,154.78 crore
The interim budget spelt out no new revenue proposals or policy measures, as the State is going to the polls in May 2016
Finance Minister O.
Panneerselvam said total revenue receipts had been estimated at Rs.
1,52,004.23 crore and total revenue expenditure at Rs. 1,61,159.01
crore.
The implementation of a host of welfare
schemes and a fall in the State’s tax revenue, particularly driven by
lower sales tax collection on petroleum products were the main reasons,
explained Finance Minister O.
Panneerselvam even as the Opposition parties staged a
walkout.
As a result, the State will—for the third
year in succession—be unable to meet its fiscal responsibility target of
zero revenue deficit.
No comments:
Post a Comment