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Tamil Nadu Finance Minister Jayakumar Presents tax-free budget for 2017-18

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The Tamil Nadu Finance Minister Jayakumar presented a tax free and revenue deficit budget for the fiscal 2017-18 on March 16, 2017 in the state Legislative Assembly.It is the first Budget presented by the state Finance Minister as well as the first budget of the AIADMK government headed by E. Palaniswami.

Salient Feature of the State Budget

  • Total Revenue Receipts (TRR): Rs 1,59,363 crore
  • Total Expenditure: Rs 1,75,293 crore
  • Revenue Deficit: Rs 15,930 crore
  • Fiscal Deficit: Rs 41,977 core (2.79 percent of GDP)
  • State’s Own Tax Revenue (SOTR) was estimated to be Rs 87,287 crore in Revised Estimates 2016-17 and is estimated to increase to Rs 99,590 crore in Budget Estimates 2017-18.
  • Receipts from Stamp Duty and Registration Charges is expected to be Rs 8,220 crore in 2017-18 against Rs 7,985 crore in the Revised Estimates 2016-17.
  • State government aims to earn Rs. 6900 crore through Tamil Nadu State Marketing Corporation (TASMAC).
  • The government will earn Rs. 99,598 crore income from taxes and Rs. 12,318 crore through non-tax earnings.

Important Allocations
i.Education Sector: Rs 26,932 crore
ii.Electricity Sector: Rs 16,998 crore
iii.Healthcare Sector: Rs. 10150 crore
iv.Allowance for pregnant women: Rs.18,000
v.Sports and Youth Affairs: Rs.165 croreTamil Nadu
vi.Handloom Sector: Rs. 1235 crore
vii.Khadi and handicrafts: Rs. 194 crore
viii.MSME sector: Rs.532 crore
ix.Fisheries: Rs. 860 crore
x.Environment and Foresty: Rs.567 crore
xi.Scheduled Castes welfare: Rs. 3680 crore
xii.Scheduled Tribe welfare: Rs. 265 crore
xiii.Eradicating poverty in rural areas: Rs. 469 crores
xiv.Eradicating poverty in urban areas: Rs. 272 crore
xv.Police: Rs. 6400 crore
xvi.Prison: Rs. 282 crore

Other Important Announcements
i. Setting up Urban Haat in Ooty: Rs. 5 crore.
ii. Global investors meet for Tamil Nadu: Rs 75 crore
iii. Chief Ministers Comprehensive Health Insurance Scheme: Rs. 1348 crore
iv. Smart Cities Mission: Rs. 1400 crore; Urban Development:  Rs.563 crore
v. Athikadavu-Avinasi link project: Rs. 250 crore
vi. Setting up a new dairy processing factory in Madurai: Rs. 40 crore
vii. MGNREGA schemes: Rs.1000 crore
viii. Free dhoti and saree scheme: Rs. 490 crore
ix. Subsidy to Tangedco: Rs 8,538 crore (to provide 100 units free power to domestic consumers and free power to farmers)
x. The Budget proposes to distribute 10,000 units of special canes free of cost for the visually impaired.
xi. Diesel tax exemption for fishermen has been increased from 15,000 litres to 18,000 a boat.The budget proposes to establish a world class Tamil Cultural Heritage Museum at Madurai.
Xii.  The compulsory work days under MGNREGA scheme has been increased from 100 days to 150 days.10 new pharmacies will be set up to sell generic drugs. This is help in reducing the spending on medicines.