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Puducherry CM V Narayanasamy presented budget for the Fiscal year 2016-17

By
AC Team 1
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Newly elected Puducherry chief minister V Narayanasamy, who holds the finance portfolio, presented a tax-free Rs 6,665 crore budget for the financial year 2016-17.

Budget 2016- 17 :-

The budget size for the fiscal 2016-2017 has been fixed at Rs.6,665 crore of which Rs. 4,100 crore is for the non-plan head.

  • Almost 25% of the budget goes for salaries and wages, 10% for pension payments, 17% for purchase of electricity, 12% interest and repayments and 11% towards grant-in-aid.
  • Presenting a tax-free budget, CM also announced a slew of measures to revive industrial growth, promote employment creation and boost the tourism sector.
  • Puducherry Budget 2016The Excise Department had been given a target of Rs.775 crores for this fiscal and the revenue realized by Excise Department last fiscal was Rs. 673.75 crores and based on the past performance the department had been given the target of Rs. 775 crores.
  • It is noted that almost 75% of the total budget is committed expenditure and this leaves only 25% of the budget for other activities including development works. The Seventh Central Pay Commission recommendations implementations will require nearly 45% to 50% of the budget for salaries, allowances and pension.
  • It is noted that Puducherry being a Union territory is neither entitled for devolution of funds nor assistance under calamity relief fund. However, a major portion of resources of Puducherry which faced natural calamities like cyclones and rains, had been diverted towards relief and reconstruction.
  • It is also noted that the Centre has approved the additional borrowings and regarding the additional grant assistance, discussions were held with the governments of the Centre and the Union Territory.

About Puducherry :

Puducherry aka Pondicherry  is a Union Territory of India. It was formed out of four exclaves of former French India,namely Puducherry, Karaikal, Yanam and Mahe. It is named after the largest district Puducherry.

  • Puducherry lies in thesouthern part of the Indian Peninsula. The areas of Puducherry and Karaikal are bound by the state ofTamil Nadu, while Yanam and Mayyazhi (Mahe) are enclosed by the states of Andhra Pradesh and Kerala
  • Puducherry is the 29th most populous and the third most densely populated state/UT in India. It has aGDP of Rs.0.21 lakh crore(US$3.1 billion) and ranks 27th in India.

Puducherry :

  • Lt Governor – Kiran Bedi,
  • CM – V. Narayanasamy.