Tamil Nadu Finance Minister Palanivel Thiaga Rajan on Friday presented a reasonably populist budget reducing taxes on petrol, waiver of cooperative loans to self-help groups, and tax amnesty scheme among others. The Finance Minister also announced the government's decision to implement an Urban Wage Employment Scheme at an outlay of Rs 100 crore. Presenting his maiden budget as the state Finance Minister, Rajan also announced the restoration of the MLA Constituency Development Scheme with Rs 3 crore per constituency from the current year onwards.

On the fuel price reduction, he said the Government has decided to reduce the effective rate of tax on petrol by Rs 3 per liter and thereby provide major relief to the toiling working-class people in the State. This step will result in a loss of revenue of Rs 1,160 crore a year, he added.

Finance Minister further said that the Government will waive loans to the tune of Rs 2,756 crore due from self-help groups to the co-operative credit societies and a sum of Rs 600 crore has been provided in the budget for the purpose. He also announced the implementation of an urban wage employment scheme, on a pilot basis, to provide gainful employment to the urban poor by engaging them in the creation and maintenance of public assets like parks, playfields, stormwater drains, roads, buildings, and rejuvenation of water bodies.

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