close

No abrupt fiscal correction must be attempted in 2021-22: TN to Sitharaman

Wants borrowing limit of states to be raised to 5%, extension of period under tax loss carry forward, among other things

T E Narasimhan Chennai
In a dim market, investments in small savings instruments jump 37%
Premium

O Panneerselvam added, the State Governments will need to have their revenues protected, particularly in these difficult times.

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
Or

Also Read

Budget 2021: Govt likely to target fiscal deficit at 4% of GDP by FY26

Budget 2021: Protectionist ways not enough, need infra push, say experts

Budget 2021: Protectionist ways not enough, need infra push, say experts

Budget 2021 must not undermine govt's response to the Covid-19 pandemic

Budget 2021-22 wishlist: Here are the key challenges in real estate sector

Online gaming industry urges govt to set up self regulatory body for sector

Recovery tracker: Workplace visits on the rise, Delhi emissions gain

Power engineers to protest on Feb 3 against privatisation of discoms

Harsh winter in key markets drives spot LNG prices in Asia to record levels

Chennai tops in leased manufacturing space absorption in India: JLL

First Published: Jan 18 2021 | 7:10 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to read more on Business-Standard.com