TODAY -

Manipur likely to suffer tax losses of Rs 800 Cr
CM presents Budget Estimates for 2024-25

Source: The Sangai Express

Imphal, February 28 2024: The Government remains committed to safeguarding the territorial integrity of Manipur and protecting the lives of all its citizens, said Chief Minister Biren Singh as he addressed the 5th Session of the State Assembly today.

Presenting the Budget Estimates for 2024-25 (Vote-on-Account), N Biren said this financial year has been one of the most challenging years the State has faced.

He grieved the loss of lives and saluted the "brave security personnel" who have laid down their lives and got injured in the line of duty.

Reflecting the socio-economic impact of the present violent conflict in Manipur that has crossed 9 months and 26 days, N Biren said the State may suffer tax losses to the tune of Rs 800 crore this year.

"As per our calculation, we may suffer tax losses to the tune of Rs 800 crore this year.

"This does not include the overall impact on the economy of the State.

The actual impact will be known when the State GDP figure is finally reconciled with the Government of India," N Biren said.

Amid the crisis, he said the Government has substantially increased expenditure on relief and security measures.

The State Government is in constant communication with the Central Government for additional support to help the State tide over the current resource shortage issues, he added.

Budget

The Budget proposed a total expenditure of Rs 34,040 crore out of the Consolidated Fund of the State.

Total Revenue Expenditure is estimated at Rs 20,246 crore and Capital outlay is estimated at Rs 8,155 crore.

The Fiscal deficit is estimated at Rs (-) 2344 crore.

This is (-) 4.45% of the GSDP (Gross State Domestic Product) .

The total outstanding debt for 2024-25 as a percentage of GSDP is projected at 32% .

The Gross State Domestic Product (GSDP) for 2024-25 is estimated at Rs 52,711 crore.

On Revised Estimate 2023-24, CM said, in the Budget Estimate 2023-24, total expenditure was estimated at Rs 35022 crore.

The total expenditure during RE 2023-24 has been revised to Rs 32591 crore.

Revenue receipts and capital receipts were estimated at Rs 27547 crore and Rs 6583 crore respectively in Budget Estimates 2023-24 .

This has now been revised to Rs 23627 crore and Rs 8000 crore respectively in RE 2023-24 .

All overall receipts and expenditure figures are inclusive of Ways and Means Advances and Repayments.

N Biren said taking into account all receipts and expenditures, the current year is expected to have a budgetary deficit of Rs (-) 962 crore in RE 2023-24 as against the deficit of Rs (-) 890 crore in BE 2023-24 .

The fiscal deficit for 2023-24 (RE) is projected at Rs (-) 2235 crore, which is (-) 4.91 % of GSDP.

In spite of limited revenue sources, the State Government has "not failed" to fulfil its promises.

During 2022-23, the State spent almost Rs 5793 crore on important social sectors.

This is an increase of about 20% in comparison to the previous fiscal year, N Biren said.

Fiscal year 2022-23 also saw higher expenditure on asset creation at Rs 3356 crore.

This is an increase of almost 100 percent from the expenditure incurred on the item during financial year 2017-18, the first year of the BJP Govt's previous term.

As Government expenditure accounts for more than 70% of our State Gross Domestic Product, it is "our commitment" to continue financing various activities to support the State's economy, N Biren said.

"We have shown that we are resilient despite the heavy odds and difficulties, and I believe that we will become stronger and better.

Challenges will come and go but how we respond to such challenges is what matters most," N Biren said as he expressed solidarity with people who have lost members of their families in the conflict.

Since the outbreak of unrest in the State, the Central Government has approved an amount of Rs 400 crore for immediate relief to the State, in addition to many other forms of support.

This immediate relief support includes daily rations, management of relief camps, construction of prefabricated structures, cash transfers for daily needs to inmates, nutrition and personal hygiene support etc, said N Biren.

The Government, he said, is also providing necessary support to rehabilitate those who have been affected by providing funds for construction and repair of permanent houses.

Compensation for crop loss for farmers has been approved by the Central Government, and is being disbursed through Direct Benefit Transfer, he said.

With security cover provided by 2,500 IRB personnel, agriculture activities in the fringe areas have been completed.

About 350 metric tonnes of Rabi crop seeds have been provided as alternative crops to farmers, who are residing in relief camps and affected by water scarcity.

In addition, the Government has announced a Farmer Livelihood Support Scheme, he added..

The Chief Minister also talked about various schemes and initiatives that have been taken up by the Government for people including students residing in relief camps.

While speaking on various schemes and projects, the Chief Minister dwelt on various Externally Aided Projects (EAPs).

While the State previously had 4 projects under implementation, loan agreements for 2 new projects have been signed, and another one is ready for signing, he said.

Advance procurement has started for one project and another 2 projects are in advanced stages of approval, he added.

The Lamphelpat Water Rejuvenation Project, with a cost of Rs 650 crore being funded by the New Development Bank, upon completion will serve as a reservoir for excess rainwater and prevent flooding in Imphal city to a large extent.

It will also serve as a water reservoir for emergency use, as well as provide a 'green open space' for recreational activities, he said.

In addition, the loan agreement for the Imphal Sewerage Project Phase-II has been signed this financial year.

The project cost is about Rs 1200 crore and will provide much needed sewerage services to the people living in the ever expanding and growing capital city, the CM said.

The upcoming projects, for which necessary approvals have been received and are in various stages include (i) Manipur Infotech Development Project, (ii) Sustainable Loktak Lake Restoration, Eco-Tourism and Livelihood Improvement Project (iii) Imphal Ring Road Project (iv) Manipur Urban Road, Drainage and Asset Management (Concrete roads) Project.

Overall, the total cost of the Externally Aided Projects which are ongoing and are ready amount to more than Rs 9000 crore, N Biren said.

N Biren Singh presented the Demands for Supplementary Grants for the year 2023�2024 amounting to Rs 3546 crore covering 26 Demands and 2 Appropriations.


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