The Tamil Nadu Finance Minister today urged the Union Finance Ministry to take more initiatives not just to support the States, but to ensure a sustained revival of the economy. He also suggested that no abrupt fiscal correction should be attempted during 2021-22.
Ahead of the Union Budget, Tamil Nadu also suggested that the borrowing limit by States should be up to 5 per cent of GDP, called for continuation of discussions on the compensation mechanism and devolving further taxation powers on States, extension of the period under the tax loss carry forward (TLCF) scheme for auto industry and some relaxations for construction industry.
In his speech at the pre-Union Budget 2021-22 meeting, Tamil Nadu Deputy Chief Minister and Finance Minister O Panneerselvam said while the States recognise Centre's initiatives, much more needs to be done not just to support the States, but to ensure sustained revival of the economy and to protect the vulnerable
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