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White Paper on TN’s financial position in 2 weeks, says Minister

A White Paper on the state’s financial position would be released in a couple of weeks, Finance Minister PTR Thiyagarajan said on Sunday.

White Paper on TN’s financial position in 2 weeks, says Minister
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Tamil Nadu Finance Minister PTR Thiyagarajan

Chennai

Briefing media persons a day before the maiden Assembly session of the new DMK government, Thiyagarajan said that works are afoot and a White Paper on the state’s finances would be released in two weeks from the Governor’s address. 

Clarifying that the state’s debt was over Rs 5 lakh, against the Rs 4.85 lakh crore claimed by the previous AIADMK regime, the Finance Minister said, “Financial situation of the state is much worse than we expected. Within 10 days, we found out that it is much worse than what we thought. You will see how many White Papers are being released.” 

Citing the state’s revenue of Rs 35,000 crore from Tasmac sale, he said the state’s own revenue was 12 per cent of GDP during the previous tenure’s of Karunanidhi and even Jayalalithaa. However, it reduced ever since Jayalalithaa went to prison in 2014. 

It had declined to 5.5 per cent and every year the state lost three to 3.5 per cent of GDP, which would be Rs 70,000 crore (loss) per year. “If we set right the annual Rs 70,000 crore loss, why do we need Rs 30,000 crore (from Tasmac),” he asked. 

Sparing a thought to slam the Centre, he said, “We have not seen since Independence a Union government which usurps the rights of states and adopts laws on state subjects so much.”

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