Tamil Nadu chief minister J Jayalalithaa on Monday said the state's debt position would come down to 20.39 per cent, as compared to 13th Finance Commission norms of 24.5 per cent of GSDP. Besides, the state government also announced withdrawal of 20 per cent power cut to high tension (HT) units.
In her reply in the state Assembly on Monday, the chief minister said the outstanding debt of the state is Rs 1.18 lakh crore now. The current government, which took charge on May 16, 2011, started the year with outstanding debt of Rs 1.01 lakh crore.
The Tamil Nadu government moved the Supreme Court challenging the Madras High Court judgment striking down as ultra vires the amendment to the Tamil Nadu Uniform System of School Education Act to defer implementation of the ‘Samacheer system'.
The chief minister also announced around 100 MW of power for HT power through wind energy. It would also withdraw 20 per cent power cut between 10 pm and 5 am from Monday. The supply of power during these hours would allow the Tamil Nadu Electricity Board (TNEB) to earn additional revenue of Rs 10 crore, said the chief minister.
The scheme of power cut for HT consumers has been in force since November 2008. Till May 2009, the quantum was 40 per cent. It was 30 per cent for about two weeks and later 20 per cent since June 2009. In March 2010, the quantum was hiked to 30 per cent and two months later, brought down to 20 per cent.
Besides, the peak-hour restrictions during evening (6 pm to 10 pm) are in force for HT industrial establishments. Between November 2008 and August 2010, industrial consumers were allowed to draw only five per cent of their sanctioned quota. Since August 2010, the quantum was raised to 10 per cent.
The troubles for the Indian banking system are likely to increase in the next 12 months due to slow economic growth and sluggish fiscal reforms. ...
However, any decision on this unlikely soon as new EGoM would be formed after new govt takes over