Finance Minister K M Mani has said that the revenue collection in the state has witnessed a growth rate of 16 percent, even though it could not achieve the expected target. At a meet-the-press programme here on Friday, he denied the speculations over severe financial crunch in the state. However,he admitted that the state was a bit strapped at the moment as the expense exceeded the income rate here.
He added that the state had managed to achieve better revenue collection even while various negative factors affected its steady growth. “The state has witnessed a dip in the growth rate in the income from the State Beverages Corporation that has been down from 20 percent to 12 percent. The sale of motor vehicles in state was in a downward trajectory and the import of building and timber materials also experienced a sluggish trend, along with the depreciation in the vale of Indian rupee,” he said, adding that it was a matter of pride that the growth was achieved amid adverse conditions.