03-Jan-2015: 3.35pm Savage, USA.
The predictions have become true. I have been predicting for over 6 months that Tamil Nadu's finances are looking grim. I even wrote that the Tamil Nadu budget 2013-14 was falling into Niagara Falls. The current news is out that the Tamil Nadu government will miss the budget target of Rs 91,835 crores by a whopping Rs. 20,000 crores. That is 21.7% shortfall of budgeted revenues. Tamil Nadu will not be able to meet the Targets of 2003 Fiscal Responsibility and Budget Management Act's goals. The result will be that the Moody's and Standard&Poor will downgrade the Sovereign rating of Tamil Nadu government, this year 2015.
The predictions have become true. I have been predicting for over 6 months that Tamil Nadu's finances are looking grim. I even wrote that the Tamil Nadu budget 2013-14 was falling into Niagara Falls. The current news is out that the Tamil Nadu government will miss the budget target of Rs 91,835 crores by a whopping Rs. 20,000 crores. That is 21.7% shortfall of budgeted revenues. Tamil Nadu will not be able to meet the Targets of 2003 Fiscal Responsibility and Budget Management Act's goals. The result will be that the Moody's and Standard&Poor will downgrade the Sovereign rating of Tamil Nadu government, this year 2015.
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