TN budget has many announcements, but no new taxes

TN budget has many announcements, but no new taxes

Finance Minister O Panneerselvam on Thursday presented the present AIADMK governmen’s first budget, which has no announcement on new taxes.

Panneerselvam told the House that Rs 1,680.73 crore has been set aside for co-operative loan-waiver scheme. Loan waiver for farmers was among the much-publicised electoral promises of the AIADMK.

“The tentative principal and interest outstanding due to be waived has been assessed at Rs 5,780.92 crore which will be compensated by the government with interest in five years to cooperatives which will benefit 8,35,360 small and 8,58,785 marginal farmers,” he said.

On the energy sector, a total 13,000 MW of thermal power, 2,500 MW of hydel power and 3,000 MW of solar power will be added to the existing generation capacity in the State in the next five years.

Presenting the revised budget estimates in the State Assembly, he pegged