The Hindu : Tamil Nadu News : Chidambaram appreciates State budget

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Saturday, Mar 22, 2008
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Tamil Nadu

Tamil Nadu

Chidambaram appreciates State budget

Staff Reporter

Says it will accelerate overall development

— Photo: K. Ganesan

Union Finance Minister P. Chidambaram handing over education loan to a student after inaugurating a branch of Andhra Bank at Ilayankudi in Sivaganga district on Friday. Minister for HR and CE KR. Periyakaruppan, Andhra Bank CMD K. Ramakrishnan (left), Executive Director of the bank Kalyan Mukerjee, are in the picture.

SIVAGANGA: Union Finance Minister P. Chidambaram on Friday lauded the Tamil Nadu budget and said it would accelerate the overall development of the State.

Appreciating the several aspects of the budget, presented by State Finance Minister K. Anbazhagan, he said it was a pioneering venture for other States to emulate. “As the Finance Minister of the Union government, I am duty bound to praise the State Finance Minister for presenting the surplus budget. I appeal to all other State governments to prepare budgets without revenue deficit. They should also take concrete steps to prepare budgets without fiscal deficit in a phased manner.

Inaugurating the 1387th branch of the Andhra Bank at Ilayankudi near here, Mr. Chidambaram the move to extend farm loan at the rate of 4 per cent interest through cooperative banks was a welcome step.

The Union Budget had announced Rs.20,000 loan at 4 per cent interest to beneficiaries of the Indira Awaaz Yojana, in addition to Rs.35,000 as subsidy for construction of houses. The State government had announced that grant for each beneficiary would be increased to Rs.20,000 from Rs.12000. It would be a huge benefit for the IAY beneficiaries.

Mr. Chidambaram said the Centre planned to construct 21 lakh group houses throughout the country. The State would get its due share. He also thanked the State government for announcing a medical college at Sivaganga.

Appreciating Andhra Bank for its role in nation building activities, he said its total business had touched Rs.80,000 crore.

It had disbursed educational loans to the tune of Rs.1,635 crore to 75,370 students during the current financial year.

Minister for Hindu Religious and Charitable Endowments K.R. Periakaruppan said almost all sections of people, including farmers, had welcomed the “revolutionary budget” of the State government.

K. Ramachandran, Chairman and Managing Director, Andhra Bank, said it had introduced a scheme to receive online forms for disbursing educational loan.

It had tied up with several educational institutions to facilitate easy disbursal of education loans to all eligible candidates.

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