Aizawl, Feb 27:(UNI) Mizoram Chief Minister Lalduhoma, who also holds Finance portfolio, presented a tax free budget for 2024-2025 amounting to Rs. 14,276.62 crore, but proposed to increase stamp duty from 1 per cent to 3 per cent.
In his maiden state budget, Lalduhoma also presented the Supplementary Demands for grants for 2023-2024 amounting to Rs. 3,294.16 crore required under revised estimates.
He said while the revenue expenditure during 2024-2025 fiscal accounts for 82.97 per cent of the total estimated expenditure, capital expenditure for the same financial year accounts for 17.03 per cent of the gross total expenditure.
Revenue expenditure is for non-developmental expenses including salaries of government employees, pension, establishment costs and others while capital expenditure is for asset making and developmental works including infrastructural development.
“The marginal increase in Revenue Expenditure may be attributed to increase in salary and pension, increase in establishment costs, power purchase, water pumping cost, purchase of foodstuff and upgradation of private schools among others,” he said.
“In preparing this budget, we have prioritised inclusive and sustainable socio-economic uplift of the people of Mizoram. Realistic, transparent financial management and accountability will be at the forefront of our governance, ensuring that public funds are utilized in the best interest of the public,” the Chief Minister said.
“Under the fragile financial situation, our Government is obligated to observe the ensuing year as a ‘Year of Consolidation’ while at the same time embark on a new system of governance or ‘Kalphung Thar – Mipui Sawrkar’ (government of the people) to meet the people’s aspirations for socio-economic reforms with mobilisation of financial resources as our top priority,” he said.
The Government’s sustainable development and reform policy will focus on balancing economic growth with environmental protection and social equity. This will include reforms in various sectors, such as agriculture and allied sector, healthcare, education, sports, tourism, land, administrative reforms, industrial reforms, he said.
“Alongside these reforms, we will also give all efforts in bringing down corruption at every level, take social security measures, conservation of the environment, promotion of entrepreneurship and skill development among others,” he said.
Delving into the flagship programme of the ruling Zoram People’s Movement (ZPM), he said the Hand Holding Policy or “Bana Kaih” will be used in empowering different sectors which includes uplifting of farmers through purchase of local agriculture/horticulture produce, food processing, marketing of agriculture and allied products, promotion of entrepreneurship and skill development, creating employment avenue/job placement for the youths, giving impetus to small-scale and agro-based industries and other development works.
The policy will explore ways of convergence with various programmes, initiatives and schemes of the Central Government and ensure that benefits of these percolate effectively down to the common people and those engaged in agriculture and industry, he said, adding that Rs 310 crore is earmarked for implementation of the flagship programme.
Except for a slight decline during Covid-19 pandemic, the Gross State Domestic Product (GSDP) of Mizoram has been continuously growing over the years in spite of various hurdles. The growth rate of the economy was 10.14 per cent in 2022-23 and is projected to grow at 10.55 per cent in 2023-24 and 11.03 per cent in 2024-25.
The tertiary sector or service sector continues to strongly drive the economy, followed by the secondary sector or industry sector and lastly the primary sector or agriculture and allied sector. The GSDP for 2024-25 at current price is projected at Rs. 48,037.52 crore against the projected estimate of Rs. 39,355.69 crore for 2023-24 (RE) which is an increase of Rs. 8,681.83 crore, he said,
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