Petrol price reduction comes into effect in Tamilnadu

Petrol price reduction announced in the budget has come into effect in the State from today.

During the budget presentation of Friday, Tamilnadu Finance Minister PTR Palanivel Thiagarajan announced that the petrol price will be slashed by Rs 3 per litre on the directions of Chief Minister MK Stalin. The decision is expected to cost Rs 1,160 crore to the state exchequer.

For the first time in the history of the Tamilnadu assembly, a paper-less budget was presented. Before the Finance Minister could begin his speech, the AIADMK MLAs staged a walkout as the Speaker denied the Leader of Opposition Edappadi K Palaniswami’s appeal to speak before the budget session could commence.

According to the budget presented by the Tamil Nadu Finance Minister, the overall revenue expenditure is expected to be Rs 2,61,188.57 crore.

Thiagarajan said given that the economy is still recovering from the impact of successive waves of the Covid-19 pandemic, the time is not yet ripe for fiscal consolidation. “Revenue deficit for the year 2021-22 is expected to go up from the unrealistic Interim Budget Estimates of Rs 41,417.30 crore to Rs 58,692.68 crore in the Revised Budget Estimates 2021-22,” he said.

The overall capital outlay for the revised budget has been scaled down to Rs 42,180.97 crore from the Rs 43,170.61 crore provided in the Interim Budget.

“On this basis, the fiscal deficit for the financial year 2021‑22 is estimated to be at Rs 92,529.43 crore in the Revised Budget Estimates 2021-22,” he added.