TN Speaker appeals to Centre to waive off Rs 2 lakh crore of Tamil Nadu's debt

MADURAI: Tamil Nadu has recorded a remarkable economic growth rate of 9.69 per cent in the fiscal of 2024-25, making it the top-performing state in India as per the NITI Aayog report.

However, despite borrowing costs, Tamil Nadu has made major investment improvements and established 32 industrial parks, creating lakhs of jobs for the youngsters in the state, Speaker of Tamil Nadu Legislative Assembly M Appavu said in Tirunelveli on Thursday.

Talking to reporters, Appavu said after assuming charge in this five-year term, the state government’s debt was Rs 4.5 lakh crore, and it rose to Rs 8.3 lakh-crore in 2024.

Whereas, he said, the Union government in 2014 borrowed Rs 55 lakh-crore and its borrowings have ballooned to Rs 181 lakh crore now.

But despite such borrowings of Rs 126 lakh crore, the Union government’s unable to create job opportunities.

While the Centre waived off Rs 16 lakh crore of loans in favour of corporate giants, it’s reluctant to write off the debts of poor farmers, who spent on agriculture and poor students on education.

Citing these, Appavu appealed to the Centre to waive off the Rs 2 lakh-crore loan borrowed by Tamil Nadu for its economic growth.

Further, he criticised the Centre, saying that it’s allocating more funds to the BJP-ruled states and remains a stumbling block for industrial growth in Tamil Nadu. He further said, “We (Tamil Nadu government) will raise our voice for the state’s rights.”