TN revenue deficit down by Rs 3,000 crore, says Finance Minister

The Tamil Nadu government has reduced the annual revenue deficit by about Rs 3,000 crore in the revised estimates of the current year, from about Rs 62,000 crore inherited when the DMK assumed office nearly two years ago, Finance Minister Palanivel Thiaga Rajan said on Monday. Presenting a tax-free budget for 2023-24 in the Assembly, he said the government’s measures have helped to reduce the revenue deficit. “This was approximately Rs 5,000 crore lower than the level of the pre-COVID year of 2019-20,” he said. “In accordance with the mandate of the Fiscal Responsibility Act of achieving zero-revenue deficit, the State will adopt a smooth glide path without compromising on our welfare initiatives and developmental priorities,” he said.