Mizoram budget tabled; economy expected to grow at 8.4%

Mizoram budget tabled; economy expected to grow at 8.4%
TNT News

: For two consecutive years, Mizoram finance minister Lalsawta today tabled an interim budget for the first four months of 2015-16 fiscal, amounting to Rs 3,277.22 crore.
Lalsawta, also presented Rs 2,154.90 crore supplementary demands for the current fiscal, hoped that he would be able to lay a regular budget in the next session of the state assembly.
In his budgetary speech, the finance minister said he was unable to present a regular budget due to the abolition of the Planning Commission and being replaced with NITI Aayog, which is yet to make plan allocation for the state.
"We were unsure of the functioning of the new plan panel for quite sometimes barring us from preparing a regular budget at this time," he said, adding that India has also been at a transitional period between the 13th Finance Commission and the 14th Finance Commission and the recommendations of the 14th Finance Commission could be accessed only on February 24 last.
He said that the regular budget would be prepared as soon as the state government gets a clearer picture on the functioning of the NITI Aayog and after receiving detailed guidelines under the recommendations of the 14th Finance Commission.
"Indications made by the recommendations of the 14th Finance Commission and the speeches of the Prime Minister that higher responsibilities and power would be vested in the state on financial matters," the Finance Minister said, adding that there would be higher need for mobilisation of additional resources and enforcement of more stringent economy and austerity measures.
He did not make any fresh proposals for enhancement of tax rates and also did not propose any new taxes.
Meanwhile, the Mizoram Economic Survey 2014-15, laid in the state assembly by the finance minister, predicted a 8.46 per cent growth of the GSDP. This, he said is significantly higher than projected national growth at 7.4 per cent.
The Mizoram Economic Survey said that the provisional per capita income of Mizoram during 2012-2013 was Rs 63,413 as against previous year's estimate of Rs 53,624.

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