No new tax proposed, 24 pc of Plan earmarked for Irrigation, 6 pc for Power
Source: The Sangai Express
Imphal, March 19:
Tentatively fixing the Budget Estimates for the fiscal, 2007-08 at Rs 900 crores, Chief Minister O Ibobi who also holds the Finance portfolio today said that 24 percent of the Annual Plan outlay will be earmarked for Irrigation while Power will get 6 percent, Social Services 26 percent, Transport 2 percent and others 39 percent.
Translated into rupees, this means that Agriculture and allied activities and rural development will receive Rs 29.09 crores, Irrigation Rs 220.28 crores, Power Rs 51.95 crores, Social Services Rs 232.13 crores, Transport Rs 16.67 crores and others including Industries, General Economic Services etc Rs 349.88 crores.
Stating that the Plan Outlay is tentative, the Chief Minister said that it will be revised through the Supplementary Demands when the outlay is finalised.
Proposing no new tax, Ibobi said that the State's own tax and non-tax receipts projected in the Budget Estimates for the fiscal 2007-08 are Rs 127.54 crores and Rs 146.27 crores respectively which makes the total Rs 273.81 crores.
The Chief Minister said that the receipts of the State's share in Central taxes and Duties are expected to rise by 25.59 percent and have been estimated at Rs 516.41 crores.
On the other hand the Non-Plan grants from the Centre is estimated to be Rs 976.27 crores implying an increase of 5.31 pc over the Revised Estimates for the year 2006-07.On the expenditure front, the Chief Minister put the gross expenditure in the Budget Estimates at Rs 3216.51 crores from out of the Consolidated Fund of the State.
Out of this Rs 2126.74 crores is under Non-Plan, Rs 900 crores under State Plan and Rs 189.77 crores under the Centrally Sponsored Schemes, Central Plan Schemes and NEC schemes, said the Chief Minister.
An amount of Rs 593.53 crores is "charged" expenditure under the Consolidated Fund of the State and remaining amount of Rs 2622.98 crores is shown as "Voted" expenditure.
Among the social sectors, the Chief Minister informed the House that Education and Art and Culture have been allocated a sum of Rs 81.15 cores which is 9.02 pc of the Plan outlay of Rs 900 crores.
The share of Health and Water Supply sectors are Rs 10.19 crores and Rs 62 crores respectively, said the Chief Minister and added that Rs 17.81 crores have been earmarked for Urban Development.
The share of Public Works is Rs 12.13 crores which is 3.08 percent of the Plan outlay.
Besides this a sum of Rs 21.03 crores has been reflected for Special Area programmes for the development of border and tribal areas.
In addition to this Rs 15 crores for Tamenglong district under Backward Area District Fund and another Rs 13.33 crores have been earmarked for SC and ST, said the Chief Minister and added that Rs 7.5 crores has also been earmarked for the OBCs and Minorities.
The Gross Fiscal Deficit was Rs 449.31 crores in 2004-05, recalled the Chief Minister and added that this was reduced to Rs 271.34 crores in 2005-06.This trend is expected to be maintained with an estimated Fiscal Deficit of Rs 227.92 crores only in the Revised Estimates of 2006-07, said Ibobi and added that the estimate for 2007-08 is Rs 106 crores.
The Medium Term Fiscal Policy Statement, Fiscal Policy Strategy Statement and Macro Economic Framework Statement along with Disclosures will be placed in the Assembly in the next session when the full Budget will be discussed, said the Chief Minister.