“The budget deficit has come down to 3.38% from 4.61% last year, and the state has improved its ability to solicit loans by staying within the budget deficit limit prescribed by the Union government. ”

“The budget deficit has come down to 3.38% from 4.61% last year, and the state has improved its ability to solicit loans by staying within the budget deficit limit prescribed by the Union government. ”

Tamil Nadu Finance Minister Palanivel Thiaga Rajan said on Wednesday the state was well equipped to weather any global financial downturn in the future. If there is no such slowdown, government spending as a percentage of state GDP will continue to rise and the budget deficit will continue to shrink, he said.

He told the Assembly that the budget deficit had been reduced to 3.38% from 4.61% last year and that Tamil Nadu had improved its ability to seek loans by staying within the deficit limit. budget prescribed by the Union government.

“The government’s ability to borrow has increased in the face of a global economic downturn. We have also reduced interest payable by ₹1,240 crore,” he said.

“If there is no global economic downturn, each year government spending as a percentage of state GDP will continue to rise and the budget deficit will continue to decline. However, if there is a global economic downturn, due to the precautionary measures taken by the state, the effect on Tamil Nadu will be less than on other states and the Union government,” he said. -he assures.

Several bills were passed in the Assembly. Among them were Tamil Nadu District Municipalities (Amendment) Bill, 2022, proposed by Minister of Municipal Administration KN Nehru; and the Tamil Nadu Universities Laws (Second Amendment) Bill, 2022, the Tamil Nadu Universities Laws (Third Amendment) Bill, 2022, and the Amending Bill Tamil Nadu Private Colleges (Regulation) Act, 2022, proposed by Minister of Higher Education K. Ponmudy. The House also passed the Tamil Nadu Business Facilitation (Amendment) Bill 2022 and Tamil University (Second Amendment) Bill 2022, proposed by Minister of Industries Thangam Thennarasu, and the Tamil Nadu Tender Transparency (Amendment) Bill, 2022, and the Tamil Nadu Appropriation (No. 6) Bill, 2022, proposed by Mr. Thiaga Rajan.

Other bills that passed through the House were Tamil Nadu Co-operative Societies (Fifth Amendment) Bill 2022, proposed by Minister of Co-operation I. Periyasamy, and Prohibition Bill of Tamil Nadu (amendment), 2022, and cigarettes. and other tobacco products (prohibition of advertising and regulation of trade and commerce, production, supply and distribution) Tamil Nadu Amendment Bill, 2022, proposed by the Minister of Health and Welfare family Ma. Subramanien.