Tamil Nadu budget likely to focus on prudent fiscal management

CHENNAI: Tamil Nadu's budget on Monday is likely to prioritise prudent fiscal management in line with finance minister Palanivel Thiaga Rajan's oft-repeated emphasis on data-based governance.
Also See: Tamil Nadu Budget 2023 Live Updates
By unveiling new policy initiatives on Saturday, chief minister Stalin seems to have cleared the path for PTR to focus on his pet theme.

Despite coming under opposition attack for failure to fulfil poll promises, Stalin has not yet openly mounted that pressure on his finance minister.Of course, during the Erode East bypoll campaign, Stalin said the budget will indicate a schedule for the launch of the 1,000 monthly dole for women.
"With the unfailing support of CM @mkstalin & the efforts of so many, we have greatly improved TN's fiscal situation through reforms of unprecedented scale & scope. Our team has ensured that this is the most impactful & satisfying job I ever had," PTR tweeted on March 5.
On Monday, the numbers will speak. In the budget last March, PTR had projected TN's GSDP to touch 24, 84,807 crore by the end of this fiscal, a growth of 14% over the revised GSDP estimate of 21,79, 655 crore for 2021-22. He had said the state's annual expenditure would be limited to a little over 3.33 lakh crore for 2022-23, a 11% increase over the revised estimates of around 3 lakh crore for 2021-22. The receipts, excluding borrowings, for 2022-23 were estimated at 2.37 lakh crore, a 13% growth over the revised estimates of 2.1 lakh crore for 2021-22.
The fiscal deficit was targeted to be a little over 90,000 crore (3.63% of GSDP) for 2022-23. In 2021-22, as per the revised estimates, the fiscal deficit was expected to be 3.8% of GSDP, lower than the budget estimate of 4.33%. The revenue deficit for 2022-23 was estimated to be closer to 53,000 crore (2.12% of GSDP). In 2021-22, the revenue deficit was estimated to be 2.54% of GSDP, lower than the budget estimate of 2.75% of GSDP.
Capital outlay in 2022-23 was estimated at 43,043 crore, 13% increase over the revised estimate of 2021-22. The capital outlay includes expenditure on building schools, hospitals, roads and bridges leading to creation of assets.
As per data released by Comptroller and Auditor General of India (CAG), the state's total revenue at the end of September 2022 stood at 1.31 lakh crore, as against 1.07 lakh crore at the end of September 2021. Stamps and registration as well as state goods and service tax (SGST) had grown by 39% and 37% in the first six months of 2022-23 at 8,662.15crore and 26,285.31 crore respectively.