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TN expects stronger growth in FY21 than FY20
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SME Times News Bureau | 14 Feb, 2020
Tamil Nadu expects a stronger
economic growth performance in 2020-21 as against the projected 7.27 per
cent for 2019-20, said Deputy Chief Minister O. Panneerselvam.
Presenting
the state budget for 2020-21 in the Assembly on Friday, Panneerselvam
said: "In 2019-20, growth is projected to be 7.27 per cent, which is
significantly higher than the projected all India growth rate of 5 per
cent. We expect an even stronger growth performance in 2020-21."
The state's economy grew at 8.17 per cent in 2018-19.
He said the global and national level economic headwinds are faced by Tamil Nadu as well.
"At
the All India level, the growth estimates for 2019-20 have been revised
downwards and projected at 5 per cent in constant price terms. But
Tamil Nadu has withstood these fierce headwinds. Due to the diversified
nature of the economy of the State, the sustained policy initiatives of
the State Government, but above all by the dint of hard work and effort
by the industrious and productive people of the State, Tamil Nadu's
economy grew at 8.17 per cent in 2018-19," he said.
According to
him, the state's fiscal deficit was estimated at Rs. 59,346.29 crore
which is 2.84 per cent of gross state domestic product (GSDP), below the
three per cent norm for 2020-21.
"In order to finance the fiscal
deficit during 2020-2021, it is estimated that Rs. 59,209.30 crore will
be raised as net debt against the overall permissible borrowing limit
of Rs. 62,757.80 crore. Therefore, the net outstanding debt as at the
end of 31.3.2021 is expected at Rs. 4,56,660.99 crore and debt to GSDP
ratio will be 21.83 per cent which is well within the norm of 25 per
cent," Panneerselvam added.
He said the total revenue receipts in
Budget Estimates 2020-21 are estimated at Rs. 2,19,375.14 crore. The
revenue expenditure has been projected for the year 2020-2021 at an
aggregate level of Rs. 2,40,992.78 crore.
The revenue deficit for 2020-21 is estimated at Rs. 21,617.64 crore, he said.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Jul, 2020 |
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