Aizawl, March 17: Mizoram Finance Minister Lalsawta today presented a regular budget for the current fiscal amounting to Rs 8038.39 crore which is estimated to have Revenue Surplus of Rs 1283.91 crore and fiscal deficit of Rs 23.01 crore. The total estimated liabilities of the state for the fiscal 2016-17 is Rs 7290.17 crore.
Presenting the annual budget for the fiscal 2016 -17, Finance Minister Lalsawta said it is the first real budget to have been laid in the house. “I am calling the present budget that I am now laying as the first real budget, because for the first time in our history, real autonomy to a great extent has been given to the state in determining the size of our budget, our sources of funds are more or less certain as well as our need for expenditure,” Lalsawta said.
He said that the State Government is going to implement New Economic Development Policy from the current fiscal onwards under which various major development works would be taken up. Rs 250 core has been earmarked for the new policy which is programmed for a 5 year term to comprise all developmental activities under NLUP and under all Government Departments.
According to Lalsawta the total Revenue Receipt of the state is estimated at Rs 7672.48 crore out of which the state’s Own Revenue Receipt is estimated to be Rs 610.25 crore which is only 7.95 per cent of the total revenue.
The total capital receipt is estimated at Rs 393.45 crore out of which 331.27 crore is estimated to be obtained from Internal Debt, Rs 29.34 crore from Loans & Advances from the Central Governmetn and Rs 32.84 crore from Recoveries of Loans & Advances. The amount of fund expected to be available to the State Government from all available sources during 2016-17 is Rs 8065.93 crore.
The total Net Expenditure of the Consolidated Fund of the state is Rs 8038.39 crore of which Net Revenue Expenditure will be Rs 6388.57 crore and the Net Capital Expenditure is Rs 1649.81 crore. Whereas the state borrowing is estimated at Rs 360.61 crore.
For the establishment of Mizoram Lok Ayukta which is expected to be in force during the current fiscal year, the Finance Minister proposed to allocate Rs 153.34 lakh, while Rs 30 crore has been earmarked for covering critical sectors within the ongoing NLUP programme.
Some important sources from which the State Government will receive revenue are VAT, State Excise, Vehicle Tax, Land Revenue/Tax, State Lotteries, Water Tariff and Power Tariff. According to Finance Minister, state liabilities over the past few years has diminished from 65.06 per cent to 52.41 per cent of the GSDP which is indeed a great achievement. The estimated liabilities of the state for 2016-17 is Rs 7290.17 crore which is 49.93 per cent of the projected GSDP of Rs 15535 crore.
Lalsawta said that sources of funds are limited so that the government needs to augment Tax and Non Tax Revenues to the greatest extent possible and also to carefully spend limited resources.
He added that the monthly expenditure on purchase of food grains is expected to decrease by Rs 2 crore from the previous arrangement with the implementations of Food Security Act since March.
Declaring the current financial year as ‘Year of Consolidation’, he said the government is committed to follow austerity measure.