Interim budget: Revenue deficit over Rs 9,000 crore

Chennai: Finance minister O. Panneerselvam on Tuesday tabled a tax-free interim budget for 2016-17 ahead of Assembly polls and pegged revenue deficit at Rs 9,154.78 crore. 

He also expressed confidence that Chief Minister Jayalalithaa will sweep back to power due to the government schemes and effective administration. “Like the mythological bird annam which is capable of separating water from milk before consumption, our people can differentiate good and bad and they will deliver the correct judgment at the right time,” he said amid applause.

Terming the deficit unavoidable, Panneerselvam explained that such huge revenue deficit was due to falling State’s own tax revenue, especially sales tax earnings from petroleum products. “Further, when the state is implementing unique schemes like green houses, free distribution of fan, mixer and laptops, such revenue deficit is unavoidable,” he said.