2016-17 Interim Budget of Tamil Nadu Presented by Finace Minister O Paneerselvam Tuesday February 16,2016

 

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.