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Chennai:
With no new taxes or hike in existing tax rates, Tamil Nadu
Finance Minister O.Panneerselvam Thursday presented a revenue
surplus state budget for 2013-14 in the assembly.
He also announced the government's plan to create a land bank of
25,000 acres for setting up of industries; setting up of a new
ship building yard in Tuticorin by Tamil Nadu Industrial
Development Corporation Ltd (TIDCO) under public-private
partnership (PPP) model; development of Madurai-Tuticorin
industrial corridor; and devising a special incentive package to
attract investments in industrially backward southern districts in
the state.
Presenting the budget for next fiscal, Panneerselvam said: "During
2013-14, we are projecting a revenue surplus of Rs.664.06 crore
and a fiscal deficit of Rs.22,938.57 crore. This fiscal deficit
will be 2.84 percent of Gross State Domestic Product, which is
within the stipulated norm of three percent."
He said the state would exceed the annual plan target of Rs.28,000
crore during the current fiscal and the allocation has been
increased to Rs.37,000 crore for 2013-14.
Despite adverse factors like the slowdown in the economy and the
drought affecting the primary and service sector, Panneerselvam
said the budget was in line with the government's goal of the
steering the economy on the path of accelerated inclusive growth.
Panneerselvam said in the next fiscal the government would push
for the development of Madurai-Tuticorin industrial corridor.
According to Panneerselvam, the Tamil Nadu Investment Promotion
Programme with assistance of Japan International Cooperation
Agency (JICA) will begin next fiscal to ease policy bottlenecks
and correcting infrastructural inadequacies.
"This will facilitate the investment flow of around Rs.770 crore
for investment in small and medium infrastructure projects over
three years," he said.
On the power front, Panneerselvam said works related to 660 MW at
Ennore Thermal Power Station, 2x660 MW at Ennore-Special Economic
Zone and at Udangudi for 2x660 MW at a total outlay of Rs.21,000
crore would begin next fiscal.
On the government's free mixer-grinders and fans scheme, he said
the plan was to distribute 3.5 million units next fiscal and
Rs.1,500 crore has been allocated in the budget for that purpose.
He said Rs.250 crore has been provided to fund free distribution
of 12,000 milch cows and 600,000 sheep and goats to 15,000 poor
women.
Allocation of Rs.1,500 crore has been made for free distribution
of 565,000 laptop computers to students next academic year, while
Rs.381 crore has been provided towards cash incentive to 10th,
11th and 12th standard students to arrest the dropout rate.
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