CHENNAI: The Tamil Nadu government today said it has been affected by the ongoing economic slowdown and would take all steps for its revival, as it pegged the growth rate for 2013-14 at over 5 per cent.
In his customary address to the state Assembly, Governor K Rosaiah said India was going through a ‘difficult period’ of economic slowdown and was facing rising inflation, falling growth and instability in exchange rates.
This had particularly affected Tamil Nadu, which was a “manufacturing and exporting state,” he said.
“Against this tide, this government is determined to revive the economy and improve the general economic environment.Though growth in 2012-13 was only 4.14 per cent, we expect growth to revive and comfortably exceed 5 per cent during 2013-14,” he said.
There was a revival in industrial and agricultural production which would result in a ‘rebound’ in the service sector growth and to give a fillip to the economy, the state government had increased the plan expenditure target for the year 2013-14 to Rs 37,128 crore, he said.
“For the year 2014-15, the Plan size would be further increased to a level of Rs 42,185 crore,” he added.
Earlier, DMK boycotted the Governor’s address, with the party’s Legislature Wing leader MK Stalin seeking permission to raise some issue.
Though he was not granted permission, he went ahead making some remarks from a written statement and later led his MLAs out of the House.
The MLAs belonging to MMK and Puthiya Tamizhagam, the new allies of DMK, also staged a walkout.