The Tamil Nadu government Friday presented the state budget for financial year 2019-20 with no new taxes and said the revenue deficit will reduce in the coming years.
In the budget presented by Deputy Chief Minister O Panneerselvam, who holds the finance portfolio, the government proposed no new taxes but said the revenue deficit was estimated to be around Rs 14,300 crore. "With higher SOTR (state's own tax revenue) growth, coupled with the phasing out of the impact of Ujwal Discom Assurance Yojana (Uday) and pay revision, the state expects to bring down the revenue deficit in the coming years," he said.
The government also announced a number of initiatives in various sectors including implementing a Rs 2,000 crore comprehensive parking management project. bIt will have underground parking facilities, multilevel parking facilities and on-lane smart parking to accommodate two lakh four-wheelers and an equal number of two-wheelers, Panneerselvam said.