Pondicherry to create investor friendly atmosphere: V Narayanasamy
Narayanasamy said the UT spends almost 75 per cent of total budget as committed expenditure.
PUDUCHERRY: Chief Minister V. Narayanasamy on Monday presented a tax free budget for the fiscal 2016-17. Narayanasamy who also holds the Finance portfolio, presented the Rs6,665 crore annual budget, with plan expenditure at Rs 2,565 crore and Rs4100 crore as non plan expenditure.
The Chief Minister said the Puducherry State Planning Board had recommended a budget size of Rs7,665 crore to the Centre which included an additional grant of Rs1,000 crore and Rs200 crore as borrowings and the lalter was approved by the Centre .
Narayanasamy said the UT spends almost 75 per cent of total budget as committed expenditure. Only the remaining 25 per cent is spent for other activities, including developmental works.
Adding that the government is in need of Rs 500 crore to implement the recommendations of Seventh pay commission, the CM said appropriate steps will be taken to avoid a financial crisis in the Union Territory.
The CM said the government will create a peaceful, harmonious, investor friendly and investor accessible atmosphere for opening new industries and for smooth functioning of existing industries.