White Paper on T.N.’s finances quickly: Minister

The newly-elected DMK authorities in Tamil Nadu will launch a White Paper on the State’s finances on the earliest, Finance Minister P.T.R. Palanivel Thiagarajan instructed The Puucho in an interview on Wednesday.

“My first step is to release a White Paper myself,” he mentioned, including that the target was to let the general public perceive the true state of affairs. The debutant Minister, a former funding banker, dismissed criticism that handing over money help to the individuals amounted to freebies. “In a crisis like this [COVID-19 pandemic], our first priority is to get cash into the hands of the people and get demand back up. What we have done is classic macro-economics. It is perverse to call this freebies,” he mentioned. The authorities’s precedence was to revive Tamil Nadu to the “good State” it was between 2004 and 2014, when it complied with the Fiscal Responsibility Act, 2003.

Disapproving of the earlier AIADMK authorities’s dealing with of the State’s finances, he mentioned, “For the first time in the history of Tamil Nadu, we used borrowing to pay compulsory expenses and non-discretionary expenses like salary and interest. We have to get out of that business. I have to fix that.”