CM presents tentative Budget : 7.16 Percent Growth In State's Economy Projected
Source: Hueiyen News Service
Imphal, February 25 2015:
Chief Minister Okram Ibobi Singh has said the State's economy is projected to grow by 7.16 percent during 2014-15, and that the Government expects to push the growth momentum further after finalising the Annual Plan.
On Wednesday, the Chief Minister, who also holds the Finance portfolio, presented the Budget Estimates for the fiscal year 2015-16 in the House on the first day of the 10th session of the Tenth Manipur Legislative Assembly.
Ibobi, however, stated that normal full budget could not be presented as the plan size for 2015-16 has not yet been finalised and the estimates of non-plan transfers from the Centre, which is normally based on Central Finance Commission's recommendations, is also not known.
The provisions under the Plan are, therefore, tentative, he said.
Surprisingly, the Chief Minister's statement came a day after the Centre accepted the 14th Finance Commission.
Prime Minister Narendra Modi had already written to the Chief Ministers, informing them of the Centre's decision to accept the 14th Finance Commission (FC) which recommended a record 10 percent increase in the Sates' share in the Union taxes to 42 percent and will give the States an additional Rs 1.78 lakh crore in 2015-16 .
Ibobi said that during the financial year 2014-15 the State's economy expects to grow by 7.16 percent, and that the Government looks ahead to push the growth momentum further after finalising the Annual Plan.
He said the fiscal position of the State viewed in terms of key fiscal parameters-revenue surplus, fiscal deficit and primary deficit is stable.
The CM said he was proposing the provisional total expenditure for 2015-16 at Rs 4933.10 crore under the State Plan, Rs 251.85 crore under Centrally Sponsored Schemes (CSS) and CPS, and Rs 5517.46 crore under Non-Plan.
As in the case of the Plan, the receipt part of the Non-Plan Budget such as share in Central taxes and Non-Plan Grants, is also tentative, he said.
Ibobi informed that out of the Budget Estimates, an amount of Rs 884.34 crore is Charged Expenditure and the remaining amount of Rs 9818.06 is Voted Expenditure.