Joykumar presents Rs 851 crore deficit budget

By A Staff Reporter with DIPR

IMPHAL | July 20

 The Second Session of the Eleventh Manipur Legislative Assembly began today with presentation of Budget Estimates, 2017-18 with a fiscal deficit of Rs 851.41 crore by the deputy chief minister Y. Joykumar Singh

Joykumar said that the government is committed to serve the the people of the state with utmost sincerity, dedication and unflinching effort to fulfil the people’s aspirations.

The government had only little time to prepare the revised estimates for 2016-17 and budget estimates for 2017-18. Therefore, only a vote on account for budget estimates, 2017-18 to enable the government to discharge its responsibilities and meet all essential expenditure during the first four months of 2017-18 could be presented.

To mention some of the major initiatives undertaken by the govt. in the first 100 days are, the Manipur Goods & Services Tax Act 2017 was enacted in June and paving the way for GST to be implemented in the state of Manipur. The Manipur Goods & Services Tax Act 2017 has replaced the Value Added Tax Act 2004 and 2 others Acts in the State and expected to generate a revenue of around Rs 700 crore.

The finance minister further said that to the fiscal policy, the priority was to exercise fiscal prudence and maintain financial discipline. The state’s own resources comprise about 10% of the total revenue receipts while the rest comes from central transfers in the form of grant- in- aid and state’s share in central taxes.As compared to last financial year, the total revenue receipts have shown an estimated increase from Rs 9950.15 crore to Rs 11,096.25 crore.

The annual exercise of budgeting is designed for optimal and balanced allocation of the resources available taking into account the larger socio-political and economic considerations. For 2017-18, the total receipts are estimated at Rs 12510.61 crore out of which revenue receipts are estimated at Rs 11096.25 crore and capital receipts at Rs 1414.36 crore.

Total estimates of state’s own tax and non-tax receipts in the Budget Estimates are Rs 831.86 crore and Rs 245.51 crore respectively. Receipt from state’s share in central taxes and duties is estimated at Rs 4168.45 crore.

During this fiscal year, it is proposed to have a total expenditure of Rs 12,420.65 crore out of the consolidated fund of the State. Out of this, Rs 9952.35 crore is under Revenue account and Rs 2468.30 crore under capital account. Out of the total expenditure, an amount of Rs 961.31 crore is charged expenditure and the remaining amount of Rs 11459.34 crore is voted expenditure.