Puducherry Chief Minister V Narayanasamy presented a tax-free Rs 7,530-crore budget for the financial year 2018-’19 in the Assembly on Monday, amid protests by Opposition MLAs. Narayanasamy also holds the finance portfolio.
“Of the Rs 7,530 crore projected outlay of the budget, the Union Territory’s own resources for the current fiscal is estimated at Rs 4,570 crore, while the central assistance would be Rs 1,476 crore,” Narayanasamy told the Assembly, PTI reported.
“The anticipated grants for the centrally sponsored schemes was estimated at Rs 409 crore,” he added. “The remaining Rs 1,050 crore will be met from open market borrowings and loans from central financial institutions.”
A major portion of the Union Territory’s finances go into paying salaries, pensions, loan and interest payments and purchase of power. So, Rs 1,800 crore has been allotted for disbursing salaries, Rs 875 crore for pensions, Rs 1,380 crore for debt servicing and Rs 1,200 crore to purchase power, he said.
In his 75-minute address, Narayanasamy said the expenditure incurred in the 2017-2018 financial year was Rs 6,757 crore, amounting to 95% of the revenue target.
Legislators from Opposition parties, the All India NR Congress and the All India Anna Dravida Munnetra Kazhagam, walked out out in protest soon after the chief minister began his address. They claimed that the government had not fulfilled any of its promises from the previous budget.