Tamil Nadu Finance Minister Thangam Thennarasu recently presented the State Budget for 2024-25, despite facing significant financial constraints. In an exclusive interview with The Hindu, the minister shared insights about the budget planning process and highlighted the key aspects of the budget.
When queried about the considerations in the budget planning process, Thennarasu underscored that the guiding principles were rooted in the profound remarks of the former Finance Minister Perarignar Anna, who stated, “The lives of 3.5 crore people are determined by the 64 pages in this Budget.” The minister expressed the government’s commitment to fulfilling the dreams and aspirations of the people of Tamil Nadu while adhering to the path of fiscal prudence.
Contrary to the perception that the budget focused solely on fiscal consolidation, Thennarasu pointed out several significant initiatives, including the introduction of the ‘Kalaignar Kanavu Illam’ scheme to provide safe and permanent concrete houses to eight lakh poor families in rural areas. Additionally, the government announced the Housing Repair Scheme and a financial assistance scheme for boys pursuing higher education.
Thennarasu emphasized that the budget catered to the aspirations of every segment, sector, and region of the state while maintaining fiscal prudence in the face of challenges from the Union government.
Addressing concerns about the impact of floods on the state’s revenue and the estimates for the upcoming fiscal year, the minister defended the growth projections, citing revisions in taxes and technological efforts to plug revenue leakages. He also explained the rationale behind the estimates for revenue deficit and expressed confidence in achieving the targets with sustainable measures.
Regarding the challenges posed by the high debt level of Tangedco, Thennarasu highlighted ongoing reforms, including the creation of a new green company and efforts to enhance operational efficiency through technological interventions and debt restructuring.
On the issue of resource allocation and funding for welfare schemes, the minister assured that the government is committed to fulfilling its obligations, including the provision of necessary funds for salaries, pensions, and welfare programs.
When asked about the ambitious ‘Hut-Free Tamil Nadu’ scheme, Thennarasu explained that the initiative aimed to address housing needs for the rural poor and emphasized that it would be a data-driven project, markedly different from existing housing board schemes.
In response to queries about the government’s plan to facilitate education loans for college students, Thennarasu outlined a strategic approach involving the formation of a new agency to coordinate activities between applicants, banks, and other developmental agencies, aiming to achieve the targeted loan disbursement.
In conclusion, the interview provided valuable insights into the priorities and strategies of the Tamil Nadu government in managing the state’s finances and addressing the diverse needs of its populace.
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