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Tamil Nadu's 2024 Budget
February 21 , 2024
149 days
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- The Budget has presented with the theme ‘Crossing obstacles and marching towards growth’.
- The budget focused on Grand 7 Tamil dream - social justice, welfare of marginalized, transforming Tamil youth as global achievers, knowledge-based economy, equality focused on welfare of women, sustainable future and Tamil language and culture.
- The total revenue receipts, including Central Transfers, are estimated at Rs.2,99,009.98 crore, marking a modest increase over the previous year.
- The State’s Own Tax Revenue is pegged at Rs.1,95,172.99 crore, indicating healthy growth.
- Meanwhile, revenue expenditure is expected to rise to Rs.3,48,288.72 crore, with significant allocations for salaries, pensions, and welfare schemes.
- Despite challenges, the fiscal deficit is contained at 3.44% of GSDP, in line with fiscal consolidation goals.
- Chief Minister’s Thayumanuvar Poverty eradication scheme will identify five lakh families living in poverty and provide welfare assistance.
- The Tamil Nadu government unveils a new payroll subsidy initiative aimed at boosting high-paying jobs in Global Capability Centres (GCCs).
- Under the scheme, a subsidy of 30% will be provided in the first year, followed by 20% in the second year, and 10% in the third year for positions offering a monthly salary exceeding Rs 1 lakh.
- The Government allocates Rs 2 crore to promote Tamil literature globally.
- It announced free higher education for transgender individuals.
- This initiative aims to promote inclusivity and equal opportunities in higher education for the transgender community.
- Rs 1,000 crore allocated for government school infrastructure development, including the installation of smart classrooms in all 23,000 primary schools.
- It planned to upgrade 45 Polytechnic Colleges to Industry 4.0 standards, aiming to align technical education with contemporary industry needs.
- Government plans to construct three new Thozhi hostels for working women.
- New IT Park will be set up in Coimbatore, spanning over two million square feet.
- The Government plans to establish a new IT park in Thanjavur, with the State Industries Promotion Corporation of Tamil Nadu (SIPCOT).
- Rs 120 crore has been allocated for the Annal Ambedkar Business Champions Scheme.
- Tamil Nadu is set to launch the Tamil Nadu Artificial Intelligence Mission.
- It is aimed at fostering the development and application of artificial intelligence (AI) technologies across various sectors within the state.
- Tamil Nadu is gearing up to host the World Startup Summit in January 2025.
- The Government is set to introduce the 'Tamil Pudhalvan' scheme, aimed at incentivizing government school students to pursue higher education.
- Under this initiative, students will receive a monthly allowance of Rs 1,000 to support their educational endeavours, fostering greater participation in higher educational institutions.
- Government intends to set up new industry skilling centres in 100 government arts, science, and engineering colleges.
- Tamil Nadu government is to create four Olympic academies.
- Rope car facility is to come up at Tiruparankundram and Thiruneermalai.
- Budget of ₹2 crore has been allocated for ethnographic documentation of Sourashtra and Paduga languages and languages of tribals including Thodas, Kothar, Cholakar, Kaani and Narikuravar.
- An open-air museum would be constructed at the Keeladi excavation site.
- Tamil Nadu government announces setting up of the ‘Tamil Nadu State Highways Authority.
- The Govt announced a mission for a ‘Hut-free Tamil Nadu’ by 2030.
- ‘Kalaignarin Kanavu Illam’ is to be implemented at ₹3,500 crore to provide housing facilities to the poor.
- The property tax reimbursement scheme would be expanded to all ex-servicemen.
- It unveiled TN-SHORE (Neithal Meetchi Iyakkam), a scheme to restore coastal resources across 14 districts of the State.
- State of the art film city will be established in Poonamallee at the cost of Rs 500 crore.
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