CM moves Vote on Account, fiscal deficit of Rs 1654.24 Cr for 2011-'12 projected
Power sector, rail-line top lists of thrust area
Source: The Sangai Express

Imphal, March 20 2012: Together with moving a Vote on Account for grant of expenditure covering the first four months of the financial year 2012-13, Chief Minister Okram Ibobi today tabled a tentative budget estimate for 2012-13 in the State Assembly.

The Chief Minister proposed a tentative total expenditures for 2012-13 at Rs 3290 crore under Plan, Rs 5398.61 crore under Non-Plan and Rs 476.37 crore under centrally sponsored schemes, central plan schemes and NEC schemes.

Presenting the budget estimates, Ibobi stated that the total receipt for 2012-13 was estimated at Rs 7863.71 crore, which is an increase of 17 per cent over 2011-12's revised estimate of Rs 6688.54 crore.

The revenue receipts were estimated at Rs 6668.08 crore and capital receipts at Rs 1195.63 crores, Ibobi informed the House adding that these estimates would change after the State's plan outlay for 2012-13 is finalized.

Total estimates of State's own tax and non-tax receipts assumed in the budget estimates are Rs 358.46 crore and Rs 314.47 crore respectively.

CM back at work

Reminding that the plan size for 2012-13 has not yet been finalized, Ibobi stated that details of projects, schemes and activities that would be taken up during the next fiscal could not be finalized as yet.

Nevertheless, the Government, after careful consideration of the economic and social challenges facing the State, has identified certain thrust areas for the 12th Five Year Plan.

Improvement of performance of power sector through strengthening transmission and distribution network and systematic reforms tops the list of thrust areas listed by the Congress Government.

Governance reforms and delegation of power at various levels, initiation and completion of the project for augmentation of water supply for Imphal city with raw water from Thoubal dam by leveraging, if possible, external sources of funding also figured prominently in the list.

Completion of the Jiribam-Tupul-Imphal railway line up to Imphal by 2016 and up to Tupul by 2014; upgradation of NH37 to double-lane by 2013 by BRO; construction of Old Cachar Road and improvement of road connectivity specially in hill areas are some other thrust areas identified by the Government.

The list also included Manipur Sericulture Project (Phase-II); complete construction of a rail fed oil depot at Malom, doubling capacity of the LPG bottling plant from 600 MT to 1200 MT, augmentation of storage capacity of PDS items in the districts, setting up of an Information Technology Special Economic Zone, completion and operationa-lisation of the Moreh Integrated Check Post as well as expansion and upgradation of Imphal airport to international standard.

The list also included implementation of the 66 MW Loktak Downstream Hydro-Electric Project and the 1500 MW Tipaimukh Multipurpose Project.

All the projects, schemes and activities that would be taken up during Annual Plan 2012-13 would be suitably tailored so that they are consistent with the thrust areas.

All these projects, schemes and activities would be explained and discussed in detail after finalization of the Plan size when the full budget for 2012-13 is presented in the State Assembly, Ibobi stated.

Referring to the initial and tentative estimates, the Chief Minister informed the House that would be deficit of Rs 224 in the Revenue Account which is 1.99 per cent of GSDP.

Fiscal deficit is estimated at Rs 2317.66 crore which is 20.54 per cent of GSDP, Ibobi concluded.

Earlier, presenting revised estimates of 2011-12, the Chief Minister claimed that the current year is expected to have a revenue surplus of Rs 360.02 crore as against the budgeted figure of Rs 1138.31 crore.

The fiscal deficit for 2011-12 is projected at Rs 1654.24 crore which 16.24 per cent of GSDP against the budget estimates of Rs 839 crore which was 7.87 per cent of GSDP, Ibobi stated.