Zoramthanga tables interim budget 2019AIZAWL, March 19: Mizoram Chief Minister Zoramthanga, who also holds the Finance portfolio, today tabled a Vote-on-Account for the first four months (April to July) of the fiscal 2019- 2020, amounting to Rs 3,588.85 crore, in the State Assembly. 

He also presented supplementary Demands for Grants for the year 2018-2019, amounting to Rs 2926.55 crore. Out of the Rs 3,588.85 crore, a sum of Rs 3,354.65 crore is under voted expenditure requiring the approval of the House, while the remaining Rs 234.19 crore is under charged expenditure, he said. 

Presenting the interim budget, Zoramthanga said he could not present a full budget due to enforcement of the Model Code of Conduct by the Election Commission of India. “The need for allocation of a huge amount of additional funds due to the New Economic Development Policy (NEDP), NABARD loans, CSS projects, and additional requirements on account of the 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 of the 7th Central pay.

The projected earning from the State’s own tax revenue is Rs 573.69 crore, which is a 18.96 per cent increment over Rs 483.34 crore in the last fiscal and it is expected to reach 10.6 per cent of the total revenue receipts against the last year’s figure of 9.1 per cent. The State is also aiming to gain Rs 458 crore from non-tax revenue. The overall expected revenue receipts for the fiscal 2019-2020 stand at Rs 9,740.99 crore. According to Zoramthanga, the total estimate for capital receipt to be realised for 2019-2020 is Rs 845.30 crore and the total gross disbursement for revenue expenditure across the State is expected to stand at Rs 8,308.70 crore. 

A sum of 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 of post-devolution revenue deficit fund. The total fund earmarked for capital expenditure is Rs 2,457.87 crore. The State Government is also expecting a total amount of Rs 2,053.30 crore for taking up development activities like Centrally-sponsored schemes, external-aided projects, NEC and Central Road Funds.

Zoramthanga said that economic development plans and visions of the State Government would be available only when the regular budget is presented. He further said that Mizoram is witnessing significant progress in the economic and social spheres, and that the GSDP is projected to be Rs 22,238.92 crore at the current prices at a growth rate of 12.5 per cent compared to the national growth rate of 7.3 per cent. ~NEWMAI NEWS

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