Tamil Nadu Budget 2023 highlights

Leading AIADMK MLAs, the Leader of Opposition Edappadi K. Palaniswami staged a walk-out from the Assembly during the presentation of Budget for the financial year 2023-24, by Finance Minister Palanivel Thiaga Rajan.

The State government has decided to revise the guideline value to the rates prevailing till 8.6.2017 and to reduce the registration fee to 2 per cent.Henceforth, for deeds of sale, gift, exchange, 5 per cent stamp duty, 2 per cent transfer duty and 2 per cent registration fee will be applicable.For non-family settlements, 7 per cent stamp duty and 2 per cent registration fee will be applicable. This measure will greatly benefit the poor and middle class especially those who avail bank loan to buy homes.

As a result of the structural and systemic reforms undertaken by the Government, the fiscal position of Tangedco has improved slightly and it is expected that the loss of TANGEDCO will be reduced to ₹7,825 crore in 2022-23 from ₹11,955 crore in 2021-22. An allocation of ₹14,063 crore has been provided in the Budget Estimates towards various subsidies provided to TANGEDCO.The Tamil Nadu Government will bring out a comprehensive policy to promote investment in pumped hydroelectric storage in the State.

The Government intends to double the installed capacity for power generation in the State by adding 33,000 MW by 2030, giving high priority to development of renewable energy sources. The present contribution of green energy to the State grid at 20.88 per cent is proposed to be increased to 50 per cent by 2030 through additional capacity creation. To transform Tamil Nadu into a green power house with more than 50 per cent of power generation from renewable sources by the year 2030, the State Government will create a dedicated Special Purpose Vehicle. Further, a new policy on repowering windmills in the State will be evolved.

To promote Tamil Nadu as a global hub for IT/ITeS and to meet the increasing demand for quality office space, the State Government will establish ‘Tamil Nadu Tech City’ (TNTech city) at Chennai, Coimbatore and Hosur.

To establish better connectivity and provide various digital services at an affordable cost, the Tamil Nadu government is to set up a ‘Unified Digital Infrastructure’, that will create high speed optical fibre network from the State headquarters to all districts.

Women entrepreneurs continue to face difficulties in accessing adequate, timely credit and marketing of products. To address these challenges, the State Government will establish an exclusive ‘Start-up Mission’ for women.

Compared to many other States, the share of Railways in the modal mix of the transportation system in our State is very low. Addressing this situation, the government will create a Special Purpose Vehicle, collaborating with Indian Railways, through TIDCO to identify and undertake new railways projects in the State.An allocation of ₹8,056 crore has been made to the Transport Department in the Budget Estimates.

The monthly honorarium of ₹1,000 for women family heads would be provided from next financial year, announces Tamil Nadu Finance Minister during his Budget speech at the Legislative Assembly. This would be provided for those meeting criteria. The scheme will be launched by Chief Minister M.K. Stalin on September 15. This was DMK’s key poll promise. The guidelines for the scheme will be released soon. Allocation of ₹7000 crore has been made for the scheme.

The Tamil Nadu Government is to implement the ‘Vada Chennai Valarchi Thittam’ at a cost of ₹1,000 crore over the next three years.

Under this scheme, action will be taken to identify and address the infrastructure deficit and gaps in development. The scheme will be implemented by converging the funds of Chennai Metropolitan Development Agency with the ongoing schemes.

The State Government will procure 1,000 new buses and renovate 500 old buses at a cost of ₹ 500 crore.In the Budget Estimates, allocation of ₹2,800 crore as subsidies towards free bus travel for women, ₹ 1,500 crore as subsidy for student concession in bus fare and ₹ 2,000 crore as diesel subsidy has been made.

Government is to set up an International Bird Centre at Marakkanam at an estimated cost of ₹ 25 crore. The Government will notify a new wildlife sanctuary — Thanthai Periyar Wildlife Sanctuary, with an extent of 80,567 hectares in the forest areas of Anthiyur and Gobichettipalayam Taluks in Erode district to link the Nilgiris Biosphere Reserve with Cauvery South Wildlife Sanctuary. This will be the 18th wildlife sanctuary in the State.

A sum of ₹50 crore has been provided for the Naan Mudhalvan scheme. Currently, about 12.7 lakh students from engineering and arts and science colleges are being trained under this programme. As many as 12,582 engineering faculty and 7,797 arts & science faculty have also been trained.

A four-way lane overbridge is to be built from Teynampet to Saidapet at an outlay of ₹621 crore.

It is proposed to develop bus depots as modern transit junctions to improve passenger experience. In the first phase, bus depots at Vadapalani, Tiruvanmiyur and Vyasarpadi will be developed with an investment of ₹ 1,600 crore. In the second phase, three more busdepots at Tambaram, Tiruvottriyur and Saidapet will be upgraded with an investment of ₹ 1,347 crore, announces Finance Minister Palanivel Thiaga Rajan.

Civil aspirants will be provided ₹7,500 per month for 10 months to prepare for the preliminary examination. Those students who clear the preliminary examination will be provided a lumpsum amount of ₹25,000. For this programme, an amount of ₹10 crore has been allocated to Tamil Nadu Skills Development Corporation in the Budget Estimates 2023-24.

An allocation of ₹6,967 crore has been made to the Higher Education Department in this Budget.

To promote economic development of SC/ST entrepreneurs, a new scheme called ‘Annal Ambedkar Business Champions Scheme’ will be launched in the upcoming financial year. The new scheme will provide 35 per cent capital subsidy and offer 6 per cent interest subvention for loans to procure machineries and equipment.A sum of ₹100 crore is allocated for this scheme in the Budget Estimates 2023-24.

Metro Rail track covering Avinashi Road, Sathyamangalam Road in Coimbatore district is to be laid at a cost of ₹9,000 crore. In Madurai district, Metro Rail project connecting Othakadai and Thirumangalam is to be executed at a cost of ₹8,500 crore. Funding is to be received with the help from international credit instituitions, says Finance Minister Palanivel Thiaga Rajan.

The State’s own tax revenues which were at a healthy 8 per cent of the Gross State Domestic Product (GSDP) during 2006-11 have witnessed a precipitous fall in the last 10 years and reached 5.58 per cent in 2020-21.This is much lower when compared to other large States such as Maharashtra and Karnataka. Though the Tax-GSDP ratio has increased to 6.11 per cent in the current year due to the efforts of this Government in the last two years, concerted action is needed to raise it to further find fininancial resources for welfare schemes.

A sum of ₹1,248 crore has been allocated to Environment, Climate Change and Forests Department, says Minister Palanivel Thiaga Rajan, during his Budget speech.

A sum of ₹500 crore has been allocated to expand the Chief Minister’s Breakfast Scheme for students, as a result of which 18 lakh students are to be benefitted, announces Finance Minister Palanivel Thiaga Rajan.

New classrooms and laboratories in 55 government colleges will be completed this year, says Finance Minister Palanivel Thiaga Rajan.

A state-of-the-art Global Sports hub in Chennai will be set up through CMDA, announces Finance Minister Palanivel Thiaga Rajan.

A sum of ₹3,513 crore has been allocated for Adi Dravidar and Tribal Welfare. Modernised hostels for Adi Dravidar students are to be established at Madurai, Coimbatore, Tiruchi and the Nilgiris districts at a budget outlay of ₹100 crore.

Tamil Nadu Finance Minister Palanivel Thiaga Rajan, during his Budget speech, says revenue deficit has been brought down by ₹30,000 crore from ₹62,000 crore.

Finance Minister Palanivel Thiaga Rajan says an integrated portal would be launched to ensure that students get education assistance without any delay.

He adds that International Book Fair would be held in next fiscal year also.

Finance Minister Palanivel Thiaga Rajan says Makkalai Thedi Maruthuvam scheme will be extended to industrial workers, which will also benefit migrant workers.

Training centre has been proposed to train technical teachers. The State budget proposes to allocate ₹500 crore to train them. Factory Skill Schools have been proposed, says Finance Minister Palanivel Thiaga Rajan.

The 1,000-bed Kalaignar Memorial Hospital which is under construction in Guindy, Chennai will be available for public use this year says Tamil Nadu Finance Minister Palanivel Thiaga Rajan in his Budget speech.

Chola Museum is to be established at Thanjavur to highlight the achievements of Chola kings, announces Finance Minister Palanivel Thiaga Rajan.

Tamil Nadu government is to hold international Tamil computing conference to popularize the use of Tamil in computers, says Finance Minister Palanivel Thiaga Rajan.

Tamil Nadu Finance Minister Palanivel Thiaga Rajan says revenue deficit will be reduced in coming years.

Measures to achieve the goal of making the State revenue-neutral in three years would be keenly watched in the Tamil Nadu Budget for 2023-24.

Tamil Nadu’s Minister for Finance Palanivel Thiaga Rajan begins his Budget speech, amid brief commotion by AIADMK MLAs.