Tamil Nadu’s total revenue receipts increased marginally to ₹92,967.33 crore in 2023-24 (till August) from ₹91,812.08 crore in the same period in 2022-23.
In the State Budget for 2023-24, the total revenue receipts was projected to be ₹2,70,515.23 crore and the State has reached 34.37% of the target, as of August, as per the provisional figures from the Comptroller and Auditor-General (CAG).
Among the components of revenue receipts, the State’s Own Tax Revenue (SOTR) increased about 5.47% to ₹59,616.01 crore in 2023-24 from ₹56,521.83 crore in the same period in 2022-23. The Budget had projected that the SOTR would be ₹1,81,182.22 crorefor 2023-24.
In a recent interview with The Hindu, Finance Minister Thangam Thennarasu said the State had focused on rationalisation of rates, formulation of amnesty schemes, improvement in collection efficiency and technological measures such as end-to-end computerisation, among others, in this short time.
As a result of the efforts, it witnessed a substantial increase in the SOTR in the months of July and August, he had said.
The State’s revenue expenditure stood at ₹1,1,0,582.31 crore in 2023-24 (till August). The State Budget had estimated a revenue expenditure of ₹3,08,055.68 crore for 2023-24.
As the State’s revenue expenditure exceeded the revenue receipts, the revenue deficit stood at ₹17,614.98 crore till August in 2023-24. The State Budget estimated the revenue deficit to be ₹37,540.45 crore. The fiscal deficit — the difference between total receipts and total expenditure — stood at ₹33,142.75 crore till August in 2023-24. The Budget has estimated the fiscal deficit to be ₹92,074.91 crore for 2023-24, which is 3.25% of the Gross State Domestic Product.
Mr. Thennarasu would be presenting the first supplementary Budget estimates for 2023-24 on Monday, Speaker M. Appavu had said last month. The key thing to expect would be an increased allocation for the Kalaignar Mahalir Urimai Thittam. Under the scheme, launched by Chief Minister M.K. Stalin on September 15, ₹1,000/month would be given to 1.06 crore women beneficiaries. The State Budget for 2023-24 saw an allocation of ₹700 crore for the scheme and with the scope of eligible beneficiaries increased, the outlay might be raised in the supplementary estimates.
Tamil Nadu plans to borrow ₹18,000 crore in the third quarter (October-December) of 2023-24, as per the Indicative Calendar of Market borrowings by State Governments released by the Reserve Bank of India. In the first quarter of 2023-24, the State’s market borrowings was ₹25,000 crore and in the second quarter, it had planned to raise ₹25,000 crore.
As per the 2023-24 budget, the State government plans to borrow ₹1,43,197.93 crore and make repayments of ₹51,331.79 crore. The net borrowings are projected to be ₹91,866.14 crore, including ₹82,625.96 crore of net open market borrowings and ₹9,240.18 crore from other sources.The Assembly session will commence on Monday, amid the current Cauvery water dispute with Karnataka.
