Tax-free TN budget announces sops for farmers, poor and Gaja victims

CHENNAI: With elections around the corner, Tamil Nadu on Friday announced schemes like accident insurance for poor, expanding crop insurance, food processing park, housing for people affected by cyclone Gaja in the tax-free budget for 2019-20 presented in the Assembly.

Presenting the budget, deputy chief minister Panneerselvam, who also holds the finance portfolio, said the revenue deficit was expected to be ~14,314.76 crore and the fiscal deficit is estimated to be ~44,176.36 crore.

In his about two-and-half hours speech, Panneerselvam said the state has been one of the best performers in implementing Goods and Services Tax (GST) and has achieved good growth in GST revenues. “However, the state is yet to receive its due share of IGST (Integrated GST) to the tune of ~5,454 crore, as well as the assured GST compensation of ~455.16 crore for the year 2017-2018.

“The delay in release of these dues by the Centre is impinging on the state’s finances,” he said.

In his budget proposals, Panneerselvam said during 2019-20, more crops will be notified for coverage under the Pradhan Mantri Fasal Bima Yojana and expand the coverage under the scheme.

Cloud burst and natural fire will also be included under localised calamities in addition to hail storm, landslide, inundation and others. An allocation of Rs 621.59 crore has been provided in the budget.

He said the government has decided to cover two lakh hectares more under Micro Irrigation during 2019-2020 with an outlay of ~1,361 crore.

Panneerselvam said it is proposed to provide 2,000 solar-powered pumps upto a capacity of 10 HP to farmers with a subsidy assistance of ~84.09 crore.

The government will also launch an accident-cum-life insurance scheme covering all Below Poverty Line (BPL) famil i e s with a s um i nsured of ~200,000 (natural death) and ~400,000 in case of accidental death and ~100,000 for permanent disability.

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