AIZAWL:Mizoram’s economy is expected to grow by 9.57 per cent during the current fiscal against the estimated growth of the national economy at 8.6 per cent.
Presenting the state budget for 2011-12 in the Assembly today, Finance Minister H Liansailova said the budget amounted to Rs 4,216.09 crore with an estimated closing deficit of Rs 30.75 crore.
”While Rs 1,700 crore was allotted by the planning commission as the state annual plan outlay, the non-plan component amounted to Rs 2,410.27 crore and the devolution of fund expected from the North Eastern Council (NEC) and the Centrally sponsored scheme were Rs 54.90 crore and Rs 50.90 crore respectively,” Liansailova said.
Estimating a 9.57 per cent growth of the state’s GSDP during the current fiscal, the finance minister highlighted that the projection of the GSDP for the current fiscal at the current prices stood at 7,216.75 crore, which he described as ‘quite encouraging.’
However, as per the state economic survey, service sector continued to dominate the state’s economy with its share of 59.47 per cent followed by industries sector at 21.97 per cent and agriculture sector at 18.56 per cent, Liansailova pointed out.
”While there is a slight improvement in the industries sector compared to the previous year’s growth rate, the agriculture sector shows a declining growth rate,” Liansailova said and emphasised the need to invest more in industries and agriculture sectors to ensure balanced growth.
The Congress government’s flagship programme – the New Land Use Policy (NLUP) – remained the top priority of the government with Rs 234 crore allocated for continuation of the programme during the current fiscal, compared to Rs 234.82 allocated during the 2010-2011 fiscal for implementation of the programme.
Liansailova also announced Rs 1,000 lakh had been allocated for MLA local area development scheme to be utilised at the rate of Rs 25 lakh each in the 40 assembly constituencies in the state.The state’s budget proposed several measures to increase the state’s own resources by upward revision of tax and non-tax revenues.
”While the sales tax levied on petrol, diesel and LPG were already hiked, upward revision of user charges on water supply and various taxes under the state transport department is being processed,” Liansailova said.
Compulsory registration of all revenue collected documents on land holdings and of labourers and casual employees were also being pursued, he said, adding that the state government also intended to collect certain percentage of the salary from its regular employees. (UNI)