| Ibobi Singh |
Imphal, July 15: Manipur chief minister Okram Ibobi Singh, who is also the finance minister, today presented a Rs 193.62-crore deficit budget in the state Assembly, with no new taxes being announced.
Ibobi Singh’s budget estimate for the year 2014-15 shows the total receipt as Rs 9,385.14 crore and total expenditure of Rs 9,578.76 crore.
The state’s annual plan outlay is yet to be finalised and therefore Ibobi Singh’s budget puts the plan size tentatively at Rs 3,200 crore.
The chief minister gave high priority to development of road network, earmarking Rs 42.3 crore under the annual plan and Rs 138.17 crore under non-plan expenditure.
He said the allocation would increase after funds under special plan assistance, special central assistance, NEC and non-lapsable central pool of resources were finalised.
With an eye on accelerating constituency-specific development work, Ibobi Singh hiked MLAs’ local area development fund from Rs 75 lakh to Rs 1 crore.
“I hope the enhanced allocation will enable honourable members to take up greater number of constituency specific-development work,” he said.
Ibobi Singh hoped that corporatisation of the state’s power department in April this year would improve operational efficiency of the power sector.
Stating that 60,335 pre-payment power meters have been installed, the chief minister said the facility would be expanded this year.
Augmentation of security infrastructure for internal security continues to be high on the agenda.
Ibobi Singh allocated Rs 1,014.68 crore from the annual plan and Rs 54.73 crore under non-plan for this purpose.
The chief minister expressed happiness that the state’s growth rate momentum could sustain itself.
The state’s economy grew at 9.83 per cent in real terms, according to the latest estimates for 2012-13.
“The state’s growth rate during 2013-14 and 2014-15 is estimated at 11 per cent and 12.84 per cent respectively with manufacturing, banking and public administration sector emerging as key growth drivers,” he said.
Stating that value-added tax is the only major source of revenue for the state, Ibobi Singh said Rs 395.73 crore could be collected against a target of Rs 385.88 crore during 2013-14.
He hoped the trend would continue in the coming years.