Zoramthanga tables ‘interim’ budget of Rs 3,588.85 crore

Newmai News Network

Aizawl | March 19

Failing to present regular budget, Mizoram Chief Minister Zoramthanga, who also holds the portfolio of Finance on Tuesday tabled before the state Assembly Vote on Account for the first four months (April to July) of the fiscal 2019-2020 amounting to Rs 3,588.85 crore. He also presented supplementary Demands for Grants for the year 2018-2019 amounting to Rs 2926.55 crore.

Of the Rs 3,588.85 crore Vote on Account, Rs 33, 54.65 crore is under voted expenditure requiring the approval of the house, while Rs 2, 34.19 crore is under charged expenditure, he said. Presenting the deficit budget, Zoramthanga said he could not present a full budget due to enforcement of Model Code of Conduct by the Election Commission of India.

“The need for allocation of a huge amount of additional funds due to New Economic Development Policy (NEDP), NABARD loan, CSS projects, and additional requirement on account of 7th Pay revision, power purchase, cost of water pumping, conduct of elections etc led to the requirement of submitting supplementary demands”, the Chief Minister said. Zoramthanga also told the house that a revenue surplus of Rs 1,434.29 crore is expected during the current fiscal in spite of drastic increase of salaries and pension payment due to implementation 7th Central pay. 

The projected earnings from state’s own Tax Revenue is Rs 573.69 crore which is 18.96 per cent increment over Rs 483.34 crore of the last fiscal and is expected to reach 10.6 per cent of the total revenue receipt against the last year figure of 9.1 per cent. The state also tried to achieve Rs 458 crore from state’s Non- Tax Revenue. The overall expected revenue receipt for the fiscal 2019-2020 is Rs 9,740.99 crore.

According to Zoramthanga, the total estimate for capital receipt to be realized for the year 2019-2020 is Rs 845.30 crore and total gross disbursement for revenue expenditure across the state is expected to stand at Rs 8,308.70 crore. Rs 772.03 crore is projected to be raised from various borrowings and it has been projected that Rs 2,716 crore will be received on account to post devolution revenue deficit fund. The total fund earmarked for capital expenditure is Rs 2,457.87 crore.

The state government also expected a total amount of Rs 2,053.30 crore for taking up developmental funds like Centrally Sponsored Scheme (CSS) External Aided Projects (EAPs), NEC and Central Road Funds.

Zoramthanga  said that economic development plans and visions of the state government will be available  only when presenting regular budget. He further said that Mizoram is witnessing significant progress in terms of economic and social progress and the GSDP is projected to be Rs 22,238.92 crore at current prices at a growth rate of 12.5 per cent compared to the national growth rate of 7.3 per cent.