The Tamil Nadu Legislative Assembly on Wednesday gave its approval for ₹30,355.32 crore demands for further grants (final) for the year 2023-24. It also adopted a bill for appropriation of supplementary grants out of the Consolidated Fund.
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Out of the total amount, ₹26,590.09 crore is towards revenue account, ₹3,499.98 crore towards the capital account and ₹265.25 crore towards loan account, Finance Minister Thangam Thenarasu said.
The key components which required further grants include ₹15,593.95 core provided towards loss funding for Tangedco, ₹2,028.3 crore towards flood relief in Chennai and surrounding areas and Southern districts and an additional expenditure of ₹1,055.34 crore towards the Kalaignar Magalir Urimai Thittam, he added.
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Mr. Thenarasu also moved the Tamil Nadu Appropriation Bill 2024 to provide for appropriation of the supplementary expenditure out of the Consolidated Fund of the State and it was passed by the assembly.
The Finance Minister also introduced a bill to amend the Tamil Nadu Fiscal Responsibility Act 2003.
The government has decided to amend the Tamil Nadu Fiscal Responsibility Act, 2003 so as to extend the time limit set out to eliminate the revenue deficit by 2026-27 and reduce fiscal deficit to 3% of the Gross State Domestic Product by March 31, 2026, in order to utilize the maximum fiscal space available, he said.
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Mr. Thenarasu also introduced a bill to amend the Tamil Nadu Contingency Fund Act.
The Contingency Fund of Tamil Nadu consists of a sum of ₹150 crore. In view of the increase in volume of the budgetary transactions and need for development expenditure to be incurred as and when the need arises, it is considered necessary to increase the corpus of the said Fund to ₹500 crore by amending the Act, he said.
The Minister also introduced a bill to amend the Tamil Nadu Transparency in Tenders Act, 1998.