Financial Insights That Matter
Tamil Nadu’s borrowing is within its repayment capacity as prescribed by the Union finance commission, said finance minister Thangam Thenarasu on Sunday in response to principal opposition AIADMK’s attack that the DMK ruled state was on the verge of an economic collapse.
Thenarasu said that statements by AIADMK general secretary and leader of opposition, Edappadi Palaniswami (EPS) made on Saturday said that the DMK was mismanaging the state’s finances was false. “Palaniswami has made baseless accusations solely to create a stir. He is speaking without a basic understanding of the subject,” Thenarasu told journalists in Virudhunagar district.
On Saturday, EPS said that in past four years the DMK government borrowed more than that of the AIADMK in 10 years when they ruled the state in back to back terms.
Thenarasu rebutted that EPS made a comparison between absolute numbers of borrowings made during his regime previously with that of the current DMK government which is wrong. “It must be compared using Gross State Domestic Product (GSDP). The GSDP which was ₹7.15 lakh crore in 2011 has increased to ₹31.55 lakh crore. Even the biggest state economy, Maharashtra, is borrowing. Tamil Nadu’s borrowings is within its repayment capacity,” the minister said.
Thenarasu also stated that Tamil Nadu was not receiving dues from the Union government such as ₹2,000 crore under the Samagra Shiksha Abhiyan (SSA).
“Despite the step motherly treatment from the Union government in not giving dues to Tamil Nadu, we are managing the state’s finances well,” the finance minister added.
Thennarasu also spoke on the importance of the proposed Parandur airport on Sunday amid actor-politician Vijay promising to fight the multi-crore project. Locals have been protesting against the project for close to 900 days whom Vijay has promised to meet on Monday.
“Let him meet the protestors, anyone can. But, this airport is not just important for Tamil Nadu but for the economic growth of the country,” said Thenarasu.
The new international greenfield airport, 70-km from Chennai will be built latest by 2030 at a cost of ₹20,000-crore with a capacity to handle 10 crore passengers a year. The residents of 13 villages will have to make way for land acquisition of 4,791.29 acres, of which 2,605 acres are wetlands.
“During the 10 years of AIADMK regime, we allotted funds and developed infrastructure. The DMK just changed the names of our projects and schemes and have not done anything new while the state debts is increasing. We will be demanding that they release a white paper on the state’s financial status,” an AIADMK leader said not wishing to be named.
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.