TN Budget: Fiscal deficit falls to 3.80% from 4.61%, revenue deficit too declines
The HinduTamil Nadu’s fiscal deficit for 2021-22 is poised to see a significant reduction from 4.61% down to 3.80% and the State will see a reduction in the absolute level of the revenue deficit by over ₹7,000 crore, “reversing an alarming trend of increasing deficits every year since 2014,” Finance Minister Palanivel Thiaga Rajan said in the Assembly on Friday. Presenting the Budget for 2022-23, he said the State’s Revenue Deficit has decreased to ₹55,272.79 crore in the revised estimates as against the Budgeted amount of ₹58,692.68 crore. In 2022-23, the government aims to see an increase in the State’s Own Revenue at ₹1,42,799.93 crore with Commercial Taxes estimated to contribute ₹1,06,765.22 crore, State Excise ₹10,589.12 crore, Stamps and Registration Fees ₹16,322.73 crore and Motor Vehicles Tax ₹7,149.25 crore. However, the State’s Own Tax Revenue declined to ₹1,21,857.55 crore in 2021-22 from the estimated ₹1,26,644.15 owing to the pandemic and unprecedented floods, he said.