CHENNAI: Tamil Nadu's revised budget for 2016-17, presented by Finance Minister O Panneerselvam in the Assembly last week, did not impose any fresh taxes, but did lack populist announcements, putting down all those who expected the government to unveil plans for implementing some of its electoral promises.
The budget gave a big boost to agriculture and allocation for the crop loan waiver scheme for farmers. Revenue and fiscal deficit numbers were revised upwards on lower tax collections and increased spending. Panneerselvam announced that the government had formulated five missions: water resource management and revival of Kudimaramath; housing to achieve hut-free villages and slum-free cities, poverty reduction and economic empowerment of the poor, a clean Tamil Nadu, and a mission for skill development.
The state has set an ambitious foodgrain production target of 147 lakh tonnes, and will launch a new scheme for dry land farming for increasing production and productivity of millets, pulses and oilseeds. The minister added that the government would give 12,000 milch cows to poor women and 4,00,000 goats/sheep to 100,000 poor families this fiscal. At least 535,000 students would be provided with laptops. Subsidies and transfers accounted for £6.82 billion in the revised budget estimate for 2016-17. Out of it, food accounted for £510 million and electricity £900 million.
