The State government has decided to create Tamil Nadu Shelter Fund for executing projects of affordable housing to benefit economically weaker sections of society. To be administered through the Tamil Nadu Infrastructure Fund Management Corporation (TNIFMC), the Fund will be supported by the National Housing Bank.
“This initiative would enable the government to augment additional resources, besides regular revenue, to implement infrastructure schemes,” Deputy Chief Minister O. Panneerselvam, who holds Finance and Housing portfolios, told the Assembly on Thursday.
On Wednesday, the Securities and Exchange Board of India (SEBI) conveyed its nod to the State for the establishment of the Fund. The TNIFMC was working on a number of proposals such as a ₹800 crore effluent treatment plant for supplying water to industries in Thoothukudi, renovation, modernisation and uprating (RMU) of wind power plants and solar parks and the renovation of Tamil Nadu Tourism Development Corporation (TTDC) hotels.
On the status of 217 projects proposed under the document of ‘Vision 2023’, the Deputy Chief Minister informed the House that work on 90 projects had begun. They would be carried out by the government along with its agencies and the private sector.
For the third consecutive year, the State saw positive net collections with regard to small savings schemes. During 2017-18, the figure of net collections was of the order of about ₹ 7,956 crore, whereas it was ₹ 3,510 crore in 2016-17 and ₹ 1,945 crore in 2015-16. The higher rate of interest fetched by the small savings schemes vis-à-vis fixed deposits of banks was cited as the main reason.