AIZAWL:
Mizoram chief minister, Zoramthanga, on February 24, presented the annual budget for the 2022-23 fiscal year, with an outlay of Rs 14,008.15 crore, which is Rs 2,859.26 crore higher than the previous budget.
Zoramthanga, who also holds the finance portfolio, allocated Rs 700 crore for his government’s flagship programme, Special Economic Development Programme (SEDP).
Of the 700 crore for SEDP, Rs 350 crore will be used only for Family Development Schemes (FDS), the chief minister said while delivering his Budget speech in Mizo.
Addressing the press, he informed that 60,000 families will be provided with the initial financial assistance of Rs 50,000 each.
He had, before the 2018 elections, promised to provide “not less than” Rs 3 lakh to each family.
Emphasising that the state is facing major financial difficulties, he said it is important to make the people aware of the grim reality leading to financial distress, adding how the pandemic has severely crippled its economy.
The financial hardship further stemmed from a short release of funds to the tune of Rs 2,631.58 crore from the Centre, in the current and previous financial years, he elaborated.
The revenue expenditure for 2022-23 year is estimated at Rs 10,006.51 crore, which is 8.57 per cent higher than last year, accounting for Rs 71.43 per cent of the state budget. Other than that, Rs 4,001.64 crore is earmarked for capital expenditure, making it 28.57 per cent of the total budget.
Zoramthanga further said that the revenue targets will be achieved through an efficient tax collection, rather than imposing fresh taxes.
Notably, the Mizoram Resource Mobilisation Committee (MRMC) was constituted by the state government to identify all possible untapped revenue potential, including areas where expenditures can be reduced, with austerity measures in place to decrease wasteful establishment expenditures.
In exploring all potential avenues to increase the government’s revenue, Zoramthanga hopes to maintain a revenue surplus of Rs 1,419.69 crore in 2022-23.
He added, “A Manpower Assessment Committee (MAC) has been formed to assess the number of posts required to be retained or created, along with making recommendations for filling up various posts on the basis of functional requirements. The MAC will enable the government to function in an efficient but cost-effective environment.”