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Tripura's growth suppresses national average, Own Tax Revenue likely to be up by over 14 pc

The growth rate of Tripura suppressed the national average during FY 2022-23. Moreover, State's Own Tax Revenue is likely to register over 14 per cent growth.

Country's GDP grew at 7 per cent in the current financial year whereas the Gross State Domestic Product (GSDP) went up at 8.80 per cent during the Current FY 2022-23, Finance Minister of Tripura, Pranajit Singha Roy said while addressing a press in Agartala on Monday (March 27).


He also informed the media that the GSDP of Tripura is expected to grow at 8.95 per cent in FY 2023-24.


Finance secretary Brijesh Pandey and joint secretary Akinchan Sarkar were also present.


In the press conference, Singha Roy talked about the Vote-on-Account and Supplementary Grant which he tabled in the State Assembly on first day of the ongoing session, on March 24 last.


He said Vote on Account of Rs 9066.56 crore for the first four months of FY 2023-24 was tabled in the House as enough time was not available after incumbent Government assumed charges. 


"Special emphasis was given in the Vote on Account ensuring that no sector of the State economy face financial problems for holistic development of the State", the Finance Minister said.


Notably, unlike an interim budget, Vote on Account deals with only expenditure of the Government for a specific period.


On the Supplementary Grant, Pranajit Singha Roy said, a proposal for total Rs 3065.37 crore as Supplimentary Grant for FY 2022-23 was placed in the House on March 24 last.


The Finance Minister also said own tax revenue of the State is expected to grow at 14. 67 per cent and expected to be Rs 3000 crore  in FY 2022-23.


The expected growth in own tax revenue is crucial for the in attaining financial self reliance, opined experts.


On expenditure side, total Capital Expenditure in road sector was Rs 443 crore in FY 2021-22 which is expected to be Rs 647 crore in 2022-23 - an increase by 46 per cent over 2021-22.


According to the Finance minister, for augment investment in Capital and socio economic sectors,  seven externally-aided projects of Rs. 8174 crore are being implemented while another seven projects of Rs. 3025 crore are in the pipeline.


Detailing about sanctioned amount for projects under different schemes, Singha Roy said, under Suvarna Jayanti Tripura Nirman Yojana, Rs 596 crore were sanctioned for 169 projects while under the Special Assistance Capital, Rs 699 crore were sanctioned for 115 projects.

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