On the unfavourable aspect, the federal government’s spending on the capital expenditure has not crossed the finances goal. (PTI File)
The complete income for the 12 months 2022-23 was Rs 2.42 lakh crore towards Rs 2.08 lakh crore in the monetary 12 months 2021-22. Out of the full income, tax income elevated by 17.85% with State GST growing by 18.88%, and income from sale of liquor and gasoline by 21.52%
Tamil Nadu’s complete income elevated by 17.54% in monetary 12 months 2022-23, knowledge launched by the Comptroller and Auditor General of India (CAG) confirmed on Thursday. Incidentally, the info was launched on the day minister Palanivel Thiagarajan, well-liked as PTR, was shifted from the Finance portfolio to the Information Technology ministry.
The complete income for the 12 months 2022-23 was Rs 2.42 lakh crore towards Rs 2.08 lakh crore in the monetary 12 months 2021-22. Out of the full income, tax income elevated by 17.85% with State GST growing by 18.88%, and income from sale of liquor and gasoline by 21.52%.
Overall, income crossed the 2022 finances targets by 108.59%. On the Expenditure aspect, the income expenditure has declined, as a result of which income deficit in addition to the fiscal deficit are decrease than the finances goal.
“The last financial year was the first year without any Covid-19 lockdown, and therefore the state economy’s working was not affected. Due to this, the government’s revenue growth has been good,” mentioned a senior official connected to the Finance division.
The official mentioned the federal government’s outgo in the type of income expenditure was additionally managed as there was no particular Covid-19 help to the poor folks. “In 2021-22, the state government’s revenue was hit by lockdown, and Rs 4,000 was given to people with ration cards. Thus, the expenditure was high. But in the last financial year, it was not the case. Therefore, the revenue deficit has come down to Rs 27,549 crore against the budget expectation of Rs 56,479 crore,” mentioned the official.
Similar to the income deficit, the fiscal deficit additionally declined when in comparison with the expectation. “Overall, the fiscal deficit declined to Rs 72,418.99 crore against the budget expectation of Rs 1,00,341 crore. Due to the lowering of the fiscal deficit, our borrowings also declined and the interest expenditure declined to Rs 41,695 crore which is 90% of the budget target,” mentioned the official.
On the unfavourable aspect, the federal government’s spending on the capital expenditure has not crossed the finances goal. According to specialists, spending on capital expenditure will improve the roles out there in the state.
“If the state is holding back on capital expenditure despite higher revenues, the government is probably thinking about bringing down the fiscal deficit and debt levels before turning to capital spending,” mentioned an economist.
He mentioned at the least in the current monetary 12 months, the federal government should loosen its purse strings and spend on capital expenditure as it is going to result in increased financial progress.
