Tamil Nadu Budget 2023-24 | Key Highlights that you should know | CA Shitij Gupta | Wealthy
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Tamil Nadu Budget 2023-24 | Key Highlights that you should know | CA Shitij Gupta | Wealthy
Welcome to Wealthy’s Official YouTube Channel. In this video, we discuss some key highlights from the budget presented by Tamil Nadu’s state government. We talk about the annual revenue deficit which is proposed to be reduced to Rs 30,000 crore from Rs 62,000 crore in this financial year. Though the state’s borrowing is currently at an all time high with around Rs 7 lakh crore outstanding as on this date. We also talk about the state’s projection of collection which is around Rs 1,75,000 crore which is 20% more than the last financial year. How does the Tamil Nadu government plan to spend it? More than Rs 3,00,000 crore will be spent on revenue expenditure and over Rs 44,000 crore on capital expenditure. The government plans to spend the major amount of money on two causes: social welfare and infrastructural development. Talking about the social welfare of people, the government wants more and more kids to attend government schools and in order to do so, free breakfast will be provided in all the government schools going forward. The estimated expenditure in doing the same stands at around Rs 500 crore. Government also plans to encourage the youth of the state to appear for UPSC exams for which, 1000 aspirants will be selected and will be given Rs 7,500/month as a token of appreciation and encouragement. Government has also set aside Rs 4,000 crore for the waiver of gold loan and education loan as a way to encourage more and more people to get educated. Apart from these, the government will also give Rs 1000/month to women homemakers under social welfare of people and has a budget of Rs 7,000 crore for the same. Now, under the infrastructural development programme, the government will launch metro rail projects in the city of Coimbatore and Madurai and the estimated cost is around Rs 9,000 crore and Rs 8,500 crore respectively. Government will also launch a mega power project in the city of Chennai which will cost around Rs 77,000 crore but this is estimated to be completed by 2030. The government will also spend on the betterment of buses running in the state currently. Government will also tech city that will cater to the crunch of office spaces that are currently in demand.
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►►Shitij is a chartered accountant and also graduated from Delhi University. He is known for his extensive research in mutual funds and the stock market for the past 9-10 years.
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