Tamil Nadu has incurred a capital expenditure of ₹9,955 crore so far in 2023-24 (till August 2024), a reduction of 7.37% in the comparable period in 2022-23, according to a review of the trends in receipts and expenditure in relation to the Budget estimates for 2023-24, presented by Finance Minister Thangam Thennarasu in the Assembly on Wednesday.
The State had provided ₹44,366 crore for capital expenditure in the Budget estimates for 2023-24, and spent 22.44% of the budgeted amount till August.
The reduction in capital expenditure was due to the government’s efforts to achieve just-in-time fund release, such that surplus funds do not lie idle with the implementing agencies. The numbers reflected the real capital expenditure in the State, Mr. Thennarasu said.
The State government was closely monitoring the implementation of capital works as they were instrumental in spurring growth in the economy, he added.
The trends in revenue and expenditure presented by the Minister was in line with The Hindu’s report titled, ‘Tax collection up, State sees marginal rise in total revenue receipts’, published on Monday.
“The government will attempt to manage the revenue deficit at the budgeted level of ₹37,540 crore in 2023-24 and strive to stay within the fiscal deficit target of 3.25% of Gross State Domestic Product and manage the Debt to GSDP ratio within the prescribed limits through revenue augmentation and effective fiscal consolidation,” Mr. Thennarasu said.
