CHENNAI: Tamil Nadu's Gross State Domestic Product (GSDP) increased by 14 percent in 2022-2023, reaching Rs 23,64,514 crore. With its per capita income far exceeding the national average, the state's industries and services sectors played a pivotal role in driving this growth, Principal Accountant General (Audit-I), Tamil Nadu, D Jaishankar said on Tuesday.
As regards the resources of the state government, he said the revenue receipts increased by 17.47 percent during 2022-2023 when compared to the previous year because of an increase in both tax revenue and non-tax revenue.
Briefing reporters on the State Finances Audit report of the Comptroller and Auditor General of India for the year ended March 2023, tabled in the Assembly earlier in the day, he said the state GDP in 2022-2023 was Rs 23,64,514 crore, an increase by 14 per cent over the previous year.
"Industries and services sectors were the main contributors and the per capita income of the state is nearly 56 percent higher than the national average. TN's per capita income is Rs 3.08 lakh whereas the national average is Rs 1.96 lakh. We are doing a better contribution to the economy," he said.
The increase in the state government's revenue by 17 percent indicated that the collection mechanism was functioning better.
The state's own tax revenue constituted a major part of the revenue receipts to almost 62 per cent and this included state goods and services tax of Rs 53,823 crore and Rs 59,143 crore as taxes on sales, trade, etc., and an increase in non-tax revenue by 41 per cent that is Rs 4,944 crore when compared to the previous year, he said.
As per the TN Fiscal Responsibility Act 2003, the state government has targeted to achieve a revenue surplus by 2023-24.
The state transport corporation's total debts increased to Rs 21,980 crore, which was three per cent from 2017 due to employees' expenses that increased from 55.20 percent to 63.55 percent, and Rs 495 crore losses due to staff redeployment, the report said.