The AIADMK government in Tamil Nadu on Thursday presented its first budget for 2011-12, unveiling new schemes and additional benefits worth Rs.8900 crore.
The budget was presented with a marginal revenue surplus over Rs.173 crore, Finance Minister O. Pannerselvam said the overall outstanding debt at the end of 2011-12 was estimated to be around Rs.1,18,610 crore.
He said this in the presence of Chief Minister P. Jayalalitha said that the present budget has eliminated the previous year's revenue deficit of Rs.2720 crore and generated a marginal revenue surplus of Rs.173.87 crore.
He also said that the borrowing proposed in the present year was unavoidable as the state had to keep up the pace of its developmental activities. It started the year with an outstanding debt of Rs.101349 crore.
However the outstanding debt will not exceed 13th Finance Commission norms of 24.50 per cent of GSDP at the end of 2011-12 as this ratio will be only 20.39 per cent.
The total revenue receipt for the revised budget is estimated at Rs.85685 crore. The state's own revenue is estimated at Rs.59,787 crore and Non-tax Revenue is projected at Rs.5,015 crore. The share of Union-tax and grant-in aid from Government of India is projected at Rs.13,111 crore and Rs.7,772 crore, respectively.
News Reported by AR
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