Revenue receipts expected to rise by 20 per cent this fiscal
The draft plan outlay of the territorial administration has projected that its total revenue will be Rs. 4,445 crore during 2013-14.
The government's revenue receipts from its own resources will be around Rs. 2,000 crore and is likely to get Rs. 1,185 crore from Centre as assistance. This was revealed at the State Planning Board meeting held here on Monday to finalise the strategies and programmes for the current financial year.
On the expenditure front, the government will allocate Rs. 1,910 crore and Rs. 2,535 crore for plan and non-plan expenditures respectively during the current year.
Lt. Governor Iqbal Singh, the chairman of the planning board, presided. Chief Minister N. Rangasamy, who is the vice chairman, his cabinet colleagues, Chief Secretary M. Sathiavathy, Opposition Leader V. Vaithilingam, Finance Secretary W.V.R. Murthyand others participated. Sources told The Hindu that besides finalising the strategy for the current year, the meeting also discussed the performance of 2012-13, which was regarded as “lacklustre”.
The board was informed that the government could not mobilise the projected funds from various sources including Central assistance, borrowings and others that posed serious financial implications to the administration. Besides salaries and social security schemes, the government had to spend about Rs. 440 crore on account of interest and repayment of loans. The projected taxes to be collected from the administration’s own resources for the current year would be Rs. 1,890 crore. It generated Rs. 1,599 crore in 2012-13. The proposed non-tax revenue would be Rs. 1,290 crore. The actual non-tax revenue of Puducherry was Rs. 1,052 crore in 2012-13.
Though the revenue receipts had been growing at 20 per cent a year, increasing the revenue beyond 20 per cent would be an uphill task for any administration particularly the Union Territory, the board was told. However, the expectation is that the government would improve its overall performance in 2013-14.
The Planning Board members were told that the territorial administration would have to give away Rs. 717 crore on account of interest on borrowings and repayment of loan this year. Of this, interest component alone would be around Rs. 507 crore.