Panneerselvam Presents Tax-free, Revenue Surplus Budget for 2014-15

Finance Minister O Panneerselvam on Thursday presented a tax-free, revenue surplus budget for the year 2014-15.

Published: 13th February 2014 03:52 PM  |   Last Updated: 13th February 2014 03:53 PM   |  A+A-

PTI-TN budget

Finance Minister O Panneerselvam on Thursday presented a tax-free, revenue surplus budget for the year 2014-15.  This is his fourth tax-free budget since the AIADMK government assumed office in May 2011.  Though higher allocations have been made for all key sectors, no populist measures have been announced in the budget.

Presenting the budget to the State Assembly, the Finance Minister said the projected revenue surplus would be Rs.289.36 crore while the fiscal deficit would be Rs.25,714.31 crore for the year 2014-15.  The fiscal deficit would be 2.73 per cent of the GSDP.

The Finance Minister said an ambitious Tamil Nadu Cotton Cultivation Mission will be launched in the STate with an initial outlay of Rs.50 crore.  It is proposed to bring at 3.70 lakh acres under cotton crop by 2014-15, and ultimately increase it to cover six lakh acres in the next five years through this Mission.

Panneerselvam said a new intelligent transport system for Chennai city would be implemented.  The preliminary study and preparation of the detailed project report for this technology intensive solution for a new Chennai city transportation system would be taken up soon.  This is expected to provide much needed relief to the traffic woes of Chennai city.

The Finance Minister also said a major initiative would be undertaken during the coming financial year by launching the Cooum river restoration project.  This is a massive project with a time line of five years to be implemented at a total cost of Rs.3,833.62 crore. 

This involves Rs,2077.29 crore for relief and rehabilitation of affected families.  The project will be executed through the Chennai River Restoration Trust as the nodal agency.  Rs.500 has been allocated for this project for the year 2014-15.

Stay up to date on all the latest Tamil Nadu news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp