Rs 4933 crore tentative budget estimate presented

IMPHAL, February 25: The Chief Minister of Manipur, who is also holding the portfolio of finance today presented the tentative budget Estimate of 4933.10 crore for the fiscal year 2015-16.

The estimate was presented during the first day of the 10th session of the tenth Manipur Legislative Assembly which commenced from today.

The Chief Minister said that the Normal full budget could not be presented as the plan size for 2015-16 has not yet been finalised, and the estimates of non-plan transfer from the centre, which is normally based on central finance commission`™s recommendations, is also not known.

He said that 2015-16 would be the first year of the 14th Commission award period

Nevertheless, he proposed presenting the outlay, to obtain a vote on account to enable to Government discharge its responsibilities and to meet all essential expenditure during the first four months of the fiscal year 2015-16.

Chief Minister Okram Ibobi Singh said that of the tentative outlay of Rs. 4933.10 crore under state plan Rs. 251.85 crore is under CSS and CPS, and Rs 5517.46 crore under Non-plan.

While clarifying on the sharp increase in the state plan expenditure since 2014-15, he said that it was due to the restructuring the existing centrally sponsored schemes into 66 centrally sponsored schemes and assistance for these included in block grant as Central Assistance to State Plan.

The Chief Minister further mentioned that the receipt part of the non-plan budget, such as share in central taxes and non-plan grants, is also tentative adding that this was likely to increase further when the 14th Commission`™s recommendation are notified.

The expenditure estimates under non-plan, particularly salary and pension estimate have been prepared keeping in view the likely requirement during the year. However, other expenditure under Non-plan will undergo change based on the commission`™s recommendation, he said.

While giving an overview of the state economy and finances, Chief Minister Okram Ibobi Singh, said that during 2014-15 the state`™s economy is projected to grow by 7.16 percent adding that the Government is expected to push the growth momentum further after the Annual plan is finalised.

He revealed that the revenue surplus, fiscal deficit and primary deficit is stable before hailing that the fiscal year 2-13-14 closed in surplus despite severe resource constraints.

`our dept stock as percentage of GSDP is also well within the prescribed ceiling of 57 percent and we have been able to maintain contrast to the uncertain fiscal environment`, asserted Okram Ibobi Singh.

The Government had strongly pleaded to the commission for greater devolution of funds, he continued hinting the a critical year ahead in the wake of the commencement of the first year of the 14h Finance commission.

Meanwhile, the revised estimate for the year 2014-15 at Rs.11244.64 was also placed by the Chief Minister during the floor of the house showing an increased of Rs 1556.81 crore.