T.N. Budget 2024 | Capital expenditure revised downwards for 2023-24

It was pegged at ₹42,532 cr. in 2023-24 revised estimates; for 2024-25, it is likely to be ₹47,681 crore

February 20, 2024 01:17 am | Updated 07:34 am IST - CHENNAI

Finance Minister Thangam Thennarasu presenting the Tamil Nadu Budget 2024–25 in the Assembly in Chennai on Monday.

Finance Minister Thangam Thennarasu presenting the Tamil Nadu Budget 2024–25 in the Assembly in Chennai on Monday.

Tamil Nadu budget has revised the capital expenditure downwards to ₹42,532 crore in revised estimates for 2023-24 from ₹44,366 crore in the budget estimates.

The capital expenditure goes towards creation of fixed assets such as roads and bridges, irrigation structures, schools, hospitals, along with investments made in Public Sector Undertakings.

This is due to the reduction in the pace of implementation of projects, as a result of the two calamities, Finance Minister Thangam Thenarasu said in his budget speech.

For 2024-25, the State has estimated its capital expenditure to be ₹47,681 crore, which is a growth of 12.11% over the revised estimates 2023-24.

“This government is investing heavily in infrastructure projects and is committed to increasing Capital expenditure in the State,” Mr. Thenarasu said.

He also said with the objective of increasing revenue realisation by the Commercial Tax Department, a Memorandum of Understanding (MoU) has been signed with IIT Hyderabad to identify and combat tax evasion.

This collaboration aims to enhance the operational efficiency of the department through implementation of Big Data Analytics solution. Further, a Data Analytics Unit will be established to augment GST revenue and prevent evasion. This unit will be established to facilitate real-time analysis and monitoring supported by technical experts and big data monitoring software at an estimated cost of ₹4 crore, Mr.Thenarasu said..

The Government has leveraged technology to ensure a just-in-time release of funds to the implementing agencies such that cash does not lie idle in bank accounts. The Tamil Nadu Public Fund Tracking System, has been implemented for 36 major schemes in 13 departments to track the flow of funds till it reaches the end beneficiary, he said.

These efforts will ensure that funds are released as per the pace of implementation of projects such that Government borrowing is restricted to the necessary levels, thus saving substantially on the interest payments, the Minister added.

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