Press24 News Live
Press24 News is Tv Channel brings live india news,top headlines,hindi breaking news (English News)Latest News from India & World for you

TN Budget 2020-21: Economic growth likely to dip on global and national economic headwinds

1

Warning: file_get_contents(): https:// wrapper is disabled in the server configuration by allow_url_fopen=0 in /home/cvinews/english.press24.in/wp-content/themes/publisher/includes/libs/better-framework/functions/other.php on line 609

Warning: file_get_contents(https://english.press24.in/wp-content/plugins/better-adsmanager//js/adsense-lazy.min.js): failed to open stream: no suitable wrapper could be found in /home/cvinews/english.press24.in/wp-content/themes/publisher/includes/libs/better-framework/functions/other.php on line 609



Tamil Nadu’s economic growth for 2019-20 is projected to be 7.27%, a fall from 8.17% in 2018-19, Deputy Chief Minister and Finance Minister O. Panneerselvam said in his budget speech on Friday.He said global and national economic headwinds are faced by Tamil Nadu as well at this time. “At the all-India level, the growth estimates for 2019-20 have been revised downwards and projected at 5% in constant price terms. The 7.27% projected by Tamil Nadu is significantly higher than the projected all India growth rate of 5% and we expect an even stronger growth performance in 2020-21,” Mr. Panneerselvam said.The economic slowdown has also hit the State’s tax collection in 2019-20. For instance, collections from taxes on motor vehicles has dipped to ₹6,018.63 crore in revised estimates for 2019-20 when compared to previous projections.“Since motor vehicle tax is primarily levied on registration of vehicles, the tax collections in the coming years is expected to be in accordance with improved economic growth prospects,” he said. The impact of the exemption for electric vehicles, more of which are expected to be registered have also been factored in.Outstanding debtThe State’s net outstanding debt at the end of March 31, 2021 is expected to rise significantly to over ₹4.50 lakh crore in 2020-21. In 2019-20, the net outstanding debt of the State was projected at ₹3.97 lakh crore. The rise is mainly on account of the State raising ₹59,209. 30 crore as net debt to finance the fiscal deficit during the year 2020-21 against the permissible borrowing limit of ₹62,757.80 crore. The debt to GSDP ratio will be 21.83% , within the norm of 25%.(With inputs from Dennis S. Jesudasan)

You have reached your limit for free articles this month.
Register to The Hindu for free and get unlimited access for 30 days.

Subscription Benefits Include

Today’s Paper
Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access
Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations
A select list of articles that match your interests and tastes.

Faster pages
Move smoothly between articles as our pages load instantly.

Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing
We brief you on the latest and most important developments, three times a day.

Not convinced? Know why you should pay for news.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

How You Feel about this News,Post your comments and share the news..
(News are directly taken from Syndicate feeds,Press24 team not edited its content instead for title for more information visit source link)

Source link

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More

Select currency
INR Indian rupee