Budget Speech 2002 - 2003  (Contd...)

FISCAL MANAGEMENT

145.        The overall deficit in the Budget Estimates will come down to Rs.640.24 crores after taking into account the proposed changes in taxes.  This gap would be bridged by stepping up the collection of arrears of taxes and continuing our agenda for Fiscal Reforms targeted towards freeing resources locked up in unproductive programmes or schemes which have outlived their utility.  We propose to continue the Zero Base Budgeting exercise in full earnest.

146.        Hon’ble Members are aware that the State Government is going through a very critical phase financially. This situation calls for some difficult decisions. The Government has decided to constitute a Tax Reforms and Revenue Augmentation Commission under the Chairmanship of the eminent economist Dr. Raja J.Chelliah.  Our Government also seeks the fullest support of the Members of this august House and the people of Tamil Nadu in bringing the State Finances back on the rails. I take this opportunity to   invite suggestions for enhancing revenues and reducing non-productive expenditure.

147.        I express my deep sense of gratitude to the Honourable Chief Minister, Selvi J Jayalalithaa for her total involvement, valuable guidance and constructive suggestions in the formulation of the Budget.

148.        Our Honourable Chief Minister is committed to solving the serious problems of poverty and unemployment prevailing in both the urban and rural areas of the State.  Puratchi Thalaivi is determined to put  Tamil Nadu back on the road to development and prosperity with the objective of making it the number 1 State in the country.  This Budget is an attempt at translating her vision into concrete action.

149.        I also express my heartfelt thanks to the Finance Secretary, Thiru R.Santhanam, I.A.S, and his dedicated team of officials in the Finance department who rendered all assistance in preparing this Budget.

150.        With these words, Honourable Speaker Sir, I commend the Budget Estimates 2002-2003 for the approval of the House.

Vanakkam

C. PONNAIYAN,
                                                   Minister of Finanace
 and  Information Technology