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Coimbatore
355 cr for poverty reduction, huge allocation for energy sector in tax-free TN Budget
July 21, 2016
The AIADMK Government today presented a tax-free Budget with the allocations of more funds for several welfare schemes even as the State’s outstanding debt would be Rs. 2.52 lakh crores at the end of the current fiscal.
The Government has proposed to construct 10 lakh houses for poor people, distribution of laptop to 5.35 lakh students, buying new buses and huge allocations for the energy sector.
In addition, a total of Rs. 355 crores has been provided for poverty reduction schemes besides allocating Rs. 150 crores to give skill development training for two lakh youth.
Presenting the Budget, Finance Minister O. Panneerselvam also announced the ‘Dam Rehabilitation and Improvement Project’ would be implemented at an outlay of Rs. 745.49 crores. “Out of 105 dams to be rehabilitated, works have already commenced in 66 dams,” he said.
On the energy sector, a total 13,000 MW of thermal power, 2,500 MW of hydel power and 3000 MW of solar power would be added to the existing generation capacity in the State in the next five years.
According to him, the Japan International Cooperation Agency (JICA) has also agreed to fund the second phase of the Tamil Nadu Investment Promotion Programme (TNIPP) with an outlay of Rs. 1560 crores to improve the investment environment.
“The Government is also in the process of developing Ponneri Industrial Node as a National Investment and Manufacturing Zone (NIMZ) under the Chennai-Bengaluru Industrial Corridor Project,” the Minister said.
Taking into account the State Government’s decision to close down 500 liquor shops, the excise duty collection for the current financial year has been scaled down to Rs. 6636.08 crores.
“In spite of constraints on revenue receipts,the overall fiscal deficit, net borrowings and outstanding debt-GSDP ratio will be within the permissible limits except fiscal deficit during 2017-18,” Panneerselvam added.
