The Tamil Nadu government has reduced the annual revenue deficit by around Rs 30,000 crore in the revised estimates of the current year, from around Rs 62,000 crore when the DMK took office nearly two years ago, Finance Minister Palanivel Thiaga Rajan said on Monday. He said that the measures have helped to reduce the revenue deficit, and that the government has a tax-free budget for 2023 -- 24 in the Assembly. He said that this was about Rs 5,000 crore lower than the level of the pre-COVID year of 2019 -- 20. He said that the State will adopt a smooth glide path without compromising on our welfare initiatives and developmental priorities because of the mandate of the Fiscal Responsibility Act of achieving zero-revenue deficit. The fall in tax revenues in the previous years was the main reason for the fiscal stress faced by the government at the time of assuming office, he claimed. The State's tax revenue SOTR is estimated to increase to Rs 1,51, 870.61 crore in the revised estimates, compared to Rs 1,42, 799.93 crore in the Budget estimates for 2022 -- 23. The SOTR is projected to grow to Rs 1,81, 182.22 crore in the next few years, which is a growth of 19.30 percent over the revised estimates. The SOTR is estimated to be Rs 15,309. The revised estimates have risen to 40 crore, similar to the projections in the Budget estimates for 2022 -- 23. It is estimated to be at Rs 20,223 in the coming years. 51 crore is an increase of 32.10 percent over the revised estimates. Since 2015 -- 16 when the revenue deficit breached the 1 per cent GSDP mark for the first time, the finances deteriorated constantly with the revenue deficit increasing in leaps and bounds to reach 3.28 percent in 2020 -- 21. The Finance Minister said this government hasn't only managed to arrest but also reversed the declining trend by bringing down revenue deficit by record levels to 1.23 per cent of the GSDP, close to the ratio of 2015 -- 16 in a government reforms of unprecedented scale and scope. In the coming years, the revenue deficit of the State has been contained at 1.32 per cent of the GSDP, much less than the levels of 2017 -- 18, despite the inclusion of an amount of Rs 7,000 crore for Magalir Urimai Thogai' scheme of Rs 1,000 to women heads of eligible households. The revenue deficit is estimated to be 37,540, according to estimates for the budget for 2023 -- 24. 45 crore. The government has given a further push to the capital expenditure in the state in this budget, giving an allocation of Rs 44,365. There are 59 crore. Net loans and advances are estimated to be worth Rs 54,534, which is the total capital outlay of the State. 46 crore. The fiscal deficit is estimated at Rs 74,524. 64 crore. The net borrowings for 2023 -- 24 are projected to be Rs 91,866. 14 crore. The revenue expenditure is estimated to be Rs 3,08, 055.68 crore. The expenditure on account of salaries to government staff is estimated to be Rs 77,240. The subsidies for power utility TANGEDCO and transfers on account of the implementation of the Magalir Urimai Thogai'' are estimated to be Rs 1,22, 088.19 crore. We are well on our way to becoming a revenue-neutral state, which will form the ideal condition for investment and growth. The government has announced new projects and schemes involving over 1 lakh crore since taking office on May 7, 2021, Rajan said. He said that Tamil Nadu's growth is higher than the national GDP, which is a positive sign, and that this growth advantage is expected to continue in the coming year despite a potential slowdown in the global economy, as many anticipate, which could reduce all growth rates at the State and national level. The Finance Minister said that the State will try to maintain a healthy growth in revenue receipts through resource augmentation and improve revenue collection efficiency.