The PMK on Sunday released a shadow general budget for 2017-18, promising to make Tamil Nadu debt-free in five years.
The shadow budget pointed to the stressful financial situation of the State with a debt of over ₹ 5.75 lakh crore (including loans of TANGEDCO and other State-owned enterprises). It also noted that the State’s revenue collection had fallen in the last five years by ₹67,000 crore than what was expected.
PMK founder S Ramadoss said the shadow budget promised to implement total prohibition of liquor from May 1. As a result, State revenue would come down by ₹ 25,000 crore.
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However, the shadow budget said by looking at alternative sources the State would fetch ₹1.05 lakh crore and make good the loss.
It suggested that by efficient handling of granite and sand mining the government could fetch a revenue of ₹. 25000 crore and ₹60,000 crore respectively.
Beach sand regulation could fetch ₹20,000 crore and if flaws in sales tax were removed, it would generate ₹ 25,000 crore, it added. Out of the revenue collection, the State will use ₹45,000 crore each to year to pay off loans, and in five years it would become debt-free.
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Monthly power bill
The shadow budget made a ₹50,000 crore allocation for school education and ₹1,000 crore for Annamalai University.
It suggested 10% reduction in electricity charges and shifting to the system of monthly bill payment instead of once in two months.
It also suggested ways to boost industrial growth and investments, among others.