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Tamil Nadu Finance Minister O Panneerselvam presented Revenue Surplus Budget

India Current Affairs March 2102. Tamil Nadu finance minister O Panneerselvam on 26 March 2012 presented a revenue surplus Budget for the state

Mar 28, 2012 17:16 IST

Tamil Nadu finance minister O Panneerselvam on 26 March 2012 presented a revenue surplus Budget for the state. The minister promised to keep fiscal deficit within three per cent of the Gross State Domestic Product (GSDP). The revenue expenditure for 2012-2013 is estimated at 98213.85 crore rupees.

 The major highlights of Tamil Nadu Budget 2012-13 are given below:

•    The revenue surplus for 2012-2013 is projected to be 2376.07 crore rupees. Fiscal deficit for 2012-2013 is estimated at 19832.13 crore rupees, 2.87 per cent of the GSDP
•    The total revenue receipts of the state government in 2012-2013 are estimated at 100589.92 crore rupees
•    Non-tax revenue is estimated at 6032.61 crore rupees in the Budget estimates for 2012-2013
•    Capital expenditure in 2012-2013 increased to 20856.08 crore rupees from 16,388.34 crore rupees in revised estimates for 2011-2012. This represents a hike of 27 per cent
•    The expenditure on capital account inclusive of loans and advances is estimated at 22208.20 crore rupees in 2012-2013
•    Revenue expenditure during 2012-2013 is estimated at 98213.85 crore rupees
•    The allocation for salaries is 29212.36 crore rupees and for pension it is 13023.50 crore rupees in 2012-2013 Together, salaries and pensions constitute 43 per cent of the total revenue expenditure in this Budget
•    The allocation for subsidies and grants is 36190.67 crore rupees in the Budget estimates for 2012-2013. The high allocation is necessary due to various welfare schemes announced by the government like distribution of free rice, pensions and marriage assistance schemes, maternity assistance scheme, provision of milch, cows and goats and sheep etc.
•    3804.96 crore rupees earmarked for the agriculture sector in the 2012-13 state Budget
•    The government has fixed the crop loan target for 2012-2013 of the co-operative sector at 4000 crore rupees This crop loan will be interest-free for farmers who repay promptly
•    5569.28 crore rupees allocated for the health sector
•    New taxes to the tune of 1500 crore rupees proposed
•    5569.28 crore rupees given for the Infrastructure Board
•    14.5 per cent tax on liquor, the move is likely to generate 1500 crore rupees revenue