Chennai, Mar 15 (IANS): Tamil Nadu Deputy Chief Minister O. Panneerselvam on Thursday presented a deficit budget for the year 2018-19.

Holding the Finance portfolio, Panneerselvam presented a budget that projected a revenue deficit of Rs 17,491 crore and a fiscal deficit of Rs 44,481 crore.

He said the total revenue for the state, including transfers from the central government, were estimated at Rs 176,251 crore for the next fiscal.

The expenditure for the next fiscal is estimated at Rs 193,742 crore.

Panneerselvam said the fall in tax revenue growth has been significant in 2017-18, owing to the reduction in commercial and state excise tax.

According to Panneerselvam, the economy would pick up the next fiscal and the signals are there in the growth of the gross state domestic product (GSDP).

He said the government's total debt is expected to be Rs 3.55 lakh crore next fiscal end, which will be 22.29 per cent of the GSDP.