Tamil Nadu

Duraimurugan flags high debt, falling growth

Budget is like a well-ballooned cotton candy that shrinks when touched: DMK leader

Deputy Leader of the Opposition Duraimurugan on Wednesday criticised the Tamil Nadu government over the rising debt and falling growth in the State and asked the AIADMK government to “fight with the Centre” to secure the State’s dues.

After congratulating Deputy Chief Minister and Finance Minister O. Panneerselvam for presenting his 10th Budget, Mr. Duraimurugan took a jibe at him, saying, “I am complimenting the Finance Minister but not his Budget.” He added that the Budget was like a “well-ballooned cotton candy that shrinks the moment one touches it”.

CM’s retort

“The State now has a debt of over ₹4.5 lakh crore. I am worried as to how my leader, Stalin, is going to manage this huge debt that you have created when he forms the government,” he said. To this, the Chief Minister said, “Do not worry. Such a situation will not arise.”

The DMK leader said that in 2009-10, under the DMK rule, the growth rate was 8.96% and was estimated at 10% in 2010-11. “But in 2013-14, it was only 4.6%, and in 2019-20, it is projected at 7.2%,” he added.

Mr. Panneerselvam said the State’s growth rate was higher than the national growth rate of 5%.

Mr. Duraimurugan said that while many CMs had opposed the manner in which the State’s share of finances was being calculated, the State government seemed to be uninterested in it. “Because of that, we have lost out on funds. The Centre is duty-bound to compensate the States,” he said.

He suggested that the government “fight with the Centre” to get the funds. “Why don’t you fight with the Centre? We will support you. You can point the finger at the DMK and fight with them,” he said.

Mr. Panneerselvam replied that the State government had been regularly updating the Centre on the decrease in the State’s share, and that some changes had been made to the compensation structure.

Citing the Minimum Support Price being offered by other States to farmers, he requested the T.N. government to increase the MSP.

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Printable version | Apr 3, 2020 10:55:43 AM | https://www.thehindu.com/news/national/tamil-nadu/duraimurugan-flags-high-debt-falling-growth/article30864787.ece

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