The state of Tamil Nadu has unveiled its budget for the fiscal year 2024, with a focus on development, welfare, and sustainability. The budget, presented by Finance Minister Palanivel Thiagarajan, reflects the state’s commitment to economic growth and social justice, while also addressing environmental concerns.
The budget proposes a total expenditure of Rs. 3.30 lakh crore, an increase of 16.9% from the previous fiscal year. The government aims to generate revenue of Rs. 2.85 lakh crore, which includes tax revenue of Rs. 2.25 lakh crore and non-tax revenue of Rs. 60,373 crores.
In his speech, Thiagarajan said, “The budget is a reflection of the aspirations and needs of the people of Tamil Nadu. It is designed to create opportunities for growth and prosperity, while also ensuring that the benefits of development reach every section of society.”
One of the key highlights of the budget is the emphasis on infrastructure development. The government has allocated significant funds for building new highways, expanding public transport networks, and upgrading ports and airports. This is expected to not only improve connectivity within the state but also create job opportunities and attract new investments.
Another major focus area of the budget is the healthcare sector. The government has earmarked a substantial amount of funds for improving healthcare infrastructure, including building new hospitals and upgrading existing ones. Additionally, the budget proposes measures to enhance healthcare delivery and expand access to quality healthcare services for all citizens.
The government has earmarked Rs. 1,000 crores for the project, which will provide a boost to the manufacturing sector and create jobs for the local population.
The state government has also announced an Rs. 500 crore fund to promote startups and innovation in the state. This initiative will provide financial assistance to young entrepreneurs and encourage innovation in areas such as biotechnology, artificial intelligence, and renewable energy.
In a move aimed at improving the state’s infrastructure, the budget proposes the construction of 1,000 new bridges and the renovation of 2,000 existing ones. The government has allocated Rs. 3,500 crores for this initiative, which will improve connectivity and transportation in the state.
The budget also includes measures aimed at promoting social justice and welfare. The government has proposed a Rs. 6,500 crore fund for the development of Scheduled Castes and Scheduled Tribes in the state. The funds will be used for initiatives such as skill development, education, and housing.
In a bid to improve healthcare, the government has announced the creation of 11 new medical colleges and the expansion of existing ones. The budget has allocated Rs. 2,500 crores for this initiative, which will provide better access to healthcare facilities for the people of Tamil Nadu.
The government has also proposed the creation of a Rs. 1,000 crore fund for the welfare of senior citizens. The funds will be used for initiatives such as old-age pensions, healthcare, and housing.
In an effort to address environmental concerns, the budget proposes the creation of a Rs. 500 crore fund for the preservation of natural resources. The funds will be used for initiatives such as afforestation, waste management, and the conservation of water resources. Furthermore, the budget seeks to promote renewable energy and sustainability, with a view toward reducing the state’s carbon footprint and building a greener future. The government has announced several measures to encourage the adoption of solar, wind, and other renewable energy sources, as well as to promote eco-friendly practices in industries and households.
The budget has been hailed as a bold and visionary document, with many experts noting its focus on development and sustainability. “The Tamil Nadu budget is a great example of how a state can balance economic growth with social justice and environmental sustainability,” said economist S. Narayan.
The budget has also received praise for its emphasis on the welfare of marginalized communities. “The government’s focus on the development of Scheduled Castes and Scheduled Tribes is commendable,” said social activist Aruna Roy.
However, some experts have expressed concern over the government’s revenue projections. “The government’s tax revenue projections seem optimistic, and there is a risk that the state could fall short of its targets,” said economist R. Nagarajan.
Despite these concerns, the Tamil Nadu budget for 2024 has been welcomed as a positive step toward the state’s economic and social development. The Tamil Nadu budget for 2024 has been hailed as a bold and visionary document, with the potential to transform the state’s economy and improve the standard of living of its citizens. With its focus on infrastructure, healthcare, education, and sustainability, the budget has generated considerable interest among investors and policymakers around the world, who see it as a model for other developing regions. With its focus on innovation, social justice, and welfare, the budget is expected to prosper and bring about healthy changes in the state.
