Budget estimates worth '34,930 crore tabled in House
Source: Chronicle News Service
Imphal, July 25 2022:
Power minister Thongam Biswajit tabled budget estimate for financial year 2022-
23 amounting Rs 34,930 crore
with gross fiscal deficit of Rs
2,748 crore on the first day of
the second session of the 12th
Manipur Legislative Assembly.
While tabling full budget for
the 2022-23 fiscal in the House
on Monday, chief minister incharge Thongam Biswajit said
outbreak of COVID-19 pandemic towards the end of 2019-20
gave massive impact to the state.
The pandemic not only affected life and livelihood means
of the people but also reduced
resource receipts of the state
considerably.
The impact was felt
during 2021-22 as well and the
cumulative impact of these years
has posed a serious challenge to
the fiscal position of the state.
Though the economy supply
side is returning to normalcy
after series of COVID-19 waves,
every section of the society is
suffering due to price hike due to
geopolitical reasons from March,
2022, he said.
Out of total budget estimate
of Rs 34,930 crore and recovery
amount of Rs 274 crore tabled
in the House, Rs 26,437 crore
is voted and Rs 8767 charged.
It is estimated that total receipt
amount for the fiscal will be Rs
33,700 crore, Rs 24,447 crore
as revenue receipt and Rs 9,252
crore as capital receipt.
The budget further estimates that state's
own tax and non-tax receipts
will be Rs 2,400 crore and Rs 400
crore respectively.
Fiscal deficit
during the year is estimated at
Rs 2,748 crore, which is 6.5 per
cent of the GSDP.
During 2022-
23, the total outstanding debt
as a percentage of the GSDP is
projected at 37.92 per cent.
Presenting the budget speech,
minister Biswajit said resource
transfers from the Union government showed considerable
improvement during the second
half of financial year 2021-22,
largely on account of good collection of personal income and
corporate taxes.
He expressed
confidence that the state will
continue to register good economic growth by taking all necessary steps in consultation with
the Government of India.
Despite the recent increase in
commodity prices and sudden
rise in COVID-19 infection, the
Gross State Domestic Product
(GSDP) for 2022-23 is estimated
at Rs 42,301 crore against the
GSDP of Rs 37,760 crore for 2021-
22, he said adding that state's
own tax revenue in the past few
years recorded a gradual growth.
This is driven mainly by healthy
collection of state GST, motor
vehicle tax, and sales tax.
The
state is taking additional steps
to expand the tax base and reduce tax evasion.
Any additional
resource mobilized will assist
the state to meet its various obligations.
Various sources of resource
mobilization are being explored, he added.
Regarding priority being
given by state government,
Th Biswajit said entrepreneurship, start-ups and innovations are important in
driving the state's economy
while adding that state government's start-ups scheme
have benefited 5,790 people
so far.
He also said that the
government is taking up a
project to provide training
to 2000 youth in IT and ITES
sector.
Regarding roads and bridges, the minister said government will earmark capital
outlay of Rs 2,700 crore for
improvement of roads and
bridges for the year 2022-23
from all funding sources.
On health sector, Biswajit
said 5.85 lakh beneficiaries
have enrolled under CMHT
and around 1 lakh beneficiaries availed treatment under
the scheme while the government has so far spent Rs
107 crore for their treatment.
Government has increased
financial assistance under the
scheme from Rs 2 lakh to Rs
5 lakh, he mentioned and informed the House that government is allocating Rs 1,480
crore in the budget for health
sector for year 2022-23 .
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