by IANS |
Chennai, Aug 18 (IANS) Puducherry Chief Minister N. Rangasamy, who also holds the finance portfolio, will present the union territory's budget for year 2022-23 on August 22.
The budget is being presented after the Centre approved a draft budget for Rs 10,697 crore. The session is likely to last till August 31.
The earlier budget session of the Puducherry government was adjourned sine die after the customary address by Lieutenant Governor Tamilisai Sounderarajan.
The budget has to be mandatorily passed in the state assembly before August 31.
A vote on account for Rs 3,613 crore has already been passed April to August.
The Puducherry government will have only seven months to implement the budget provisions even though there is an increase of Rs 282 crore more than the previous budget outlay of Rs 10,414 crore.
With the Centre still yet to clear the GST dues of the Union Territory, there is an awful shortage of funds for Puducherry.
In this context, the Rangasamy governmentwill have to rely on negotiated loans and market borrowings.
However, the increase in revenue through tourism and excise departments is a key for the government to come over the tight situation prevailing. The excise revenue has crossed the Rs 1,000 crore mark in the previous financial year with the excise department netting a collection of Rs1,063 crore.
The GST revenue from tourism for the state was Rs 764.46 crore from April to July, when compared to Rs 524.92 crore collection during the same period last year.
Another silver lining for the Puducherry government is that the Centre has assured it additional finance during the revised estimate stage of the budget.