Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Tamil Nadu plans to reduce the fiscal deficit from 4.99 per cent of state GDP (GSDP) in 2022-21 to less than 3 per cent in two years, according to the Medium-Term Fiscal Plan (MTFP) placed before the Assembly along with the Interim Budget for 2021-22.
The MTFP aims to progressively reduce fiscal deficit as a percentage of GSDP to 4 per cent in 2021-2022; 3.5 per cent in 2022-2023 and 3 per cent from 2023-2024.
The State’s revenue deficit shot up to ₹65,994 crore as against the ₹21,617 crore budgeted for FY21. This is on account of a ₹38,674 crore shortfall in revenue receipts and a ₹5,701 crore increase in revenue expenditure. The MTFP states that the revenue deficit will fall to ₹24,484 crore in FY24 through improved resource mobilisation and enhanced growth-oriented spending.
Even in FY21 the government has increased the share of capital spending and will take it up further to ₹43,170 crore in FY22.
According to Budget documents, the government plans to borrow a net amount of ₹84,686 crore in 2021-22. Due to ‘special’ reasons, the borrowing ceiling has been increased to 5 per cent of the GSDP from 3 per cent. This is around ₹95,000 crore in 2021-22. Based on this, the State government has managed FY21. Next year, the borrowings will be lower and is estimated at ₹84,686 crore, said Finance Secretary S Krishnan.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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