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TN taking steps to withstand possible recession: State finance minister

"Governance is akin to playing a game of chess, where you have to plan at least two-three moves ahead. We plan things ahead for next six months as well as two years ahead," he said.

Topics
Tamil Nadu | Recession | financial crisis

BS Reporter  |  Chennai 

P T R Palanivel Thiagarajan
Tamil Nadu Finance Minister P T R Palanivel Thiagarajan

Tamil Nadu finance minister PTR Palanivel Thiagarajan has said the state government is undertaking steps including financial hedging to withstand any risks or impending financial crisis that were to hit the world or India.

"I am concerned and worried that we could run into a global recession in the next two to three years. The Tamil Nadu government is already taking sufficient steps including financial hedging to withstand any impending crisis. If we were to be hit by a global recession or a national recession, I can assure you all that Tamil Nadu would be better placed than most other states to overcome such a crisis," Thiagarajan said, while addressing a meeting of the Jain International Trade Organisation in Chennai.

Elaborating, he said such measures have been part of the efforts ever since the DMK government came to power last year: "Governance is akin to playing a game of chess, where you have to plan at least two-three moves ahead. We plan things ahead for next six months as well as two years ahead," he said.

Tamil Nadu has set a target of becoming a $1 trillion economy by 2030. Recalling his conversations with chief minister M K Stalin ahead of 2019 Parliamentary elections, Thiagarajan said he had predicted that the alliance would win by at least 7-8 per cent margin, but eventually won by 22.6 per cent. He had then told his leader that he is not worried about the outcome of 2021 elections but should be worried about how to govern the state after coming to power.

"We started planning two years ahead and that helped us to hit the ground running. when we assumed power in May, 2021 amidst the deep depth of Covid second wave crisis. From then on we are working to ensure inclusive and equitable growth for all," he said. Minister lauded the new committee and other members of Jain International Trade Organization for their contributions to the education and health care to the underprivileged.

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First Published: Mon, October 17 2022. 20:15 IST

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