The All India Anna Dravida Munnetra Kazhagam has urged the territorial administration to present a full budget at the earliest.
Addressing a press conference here on Friday, party leader in the Assembly A. Anbalagan said that the delay in presenting a full budget would hamper the government’s efforts to borrow money from the open market to address the revenue shortfall.
The vote on account presented in March would not permit the government to source money from the open market. The government should present a full budget to obtain clearance from the Centre to borrow from the open market, he said.
Since the borrowing capacity of the States are linked to its Gross State Domestic Product (GSDP), the Union Territory was at the risk of not getting clearance from the Centre for obtaining loan as the GSDP must have substantially declined after the lockdown restrictions, Mr. Anbalagan said.
It was clear negligence on the part of the ruling Congress that led to the present situation. The administration had enough time to prepare as Centre had set aside grant for the UT in the Union Budget. The government should have gone ahead with the preparation after taking into account the grant allotted and the expected revenue from own resources, the AIADMK leader said.
The government should immediately convene the Assembly to present a full budget, he added.
