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Tamil Nadu
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Chennai
"Government frittering away savings"
Special Correspondent
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Says State heading for debt-trap, fiscal collapse
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CHENNAI:
All India Anna Dravida Munnetra Kazhagam general secretary Jayalalithaa on Thursday blamed the Government for frittering away savings accumulated by her regime through "prudent and brilliant financial management."
In a statement, she compared revenue and expenditure figures of the AIADMK regime with that of the Dravida Munnetra Kazhagam Government.
Though a "huge surplus" was left behind by the previous regime, the finances had "started deteriorating" in the very first year of the present Government.
"The situation has worsened in the budget estimates presented now for the year 2007-2008, even though a revenue increase to Rs. 44,341.58 crore had been projected. The primary deficit (difference between revenue receipts and non-interest expenditure) is estimated to increase to Rs. 2,275.9 crore and fiscal deficit to Rs. 7,800.56 crore, which constitutes 2.84 per cent of the projected GSDP (Gross State Domestic Product). We are surely heading for a debt-trap and a fiscal collapse soon," she said.
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