Manipur News

Manipur Chief Minister Presents Rs 34,899 Crore Budget for 2024-25

Sentinel Digital Desk

Published:31st Jul, 2024 at 5:31 PM

IMPHAL: The sixth session of 12th Manipur Legislative Assembly commenced today. Chief Minister N Biren Singh presented budget estimates for fiscal year 2024-2025. The proposed budget outlines a gross expenditure of Rs 34899 crores. This encompasses a revenue expenditure of Rs 20,628 crores and a capital outlay of Rs 8616 crores.

In his budget speech, Chief Minister Singh highlighted adverse impact of recent unrest on state's economy. He noted that turmoil had led to reduced revenue collection. There were increased security and relief expenditures inflation and disruptions in movement of goods and services.

Fiscal deficit for year is projected at Rs 1526 crores. This is equivalent to 3 percent of Gross State Domestic Product (GSDP). Total outstanding debt is estimated to be 35 percent of GSDP. Total receipts are anticipated at Rs 34,815 crores. Revenue receipts are at Rs 27716 crores and capital receipts at Rs 7,099 crores. State's own tax and non-tax receipts are projected at Rs 2470 crores and Rs 300 crores, respectively.

Singh acknowledged significant support from central government. This support has been crucial in mitigating revenue losses faced by state. Central government approved special assistance package of Rs 500 crores to offset revenue shortfall. Additionally, Rs 565 crores in externally aided project funding released in previous fiscal year to support infrastructure development. Rs 150 crores were allocated for security-related expenses.

A special relief package of Rs 101.75 crores was approved for operating relief camps for displaced individuals. Another Rs 209.45 crores allocated for relief and rehabilitation schemes. Furthermore, central government approved Rs 145.18 crores for temporary shelters for 3000 displaced families.

Singh also outlined various developmental projects funded under DevINE scheme. This includes Rs 71 crores for infrastructure development at Dhanamanjuri University. Rs 54 crores for Manipur Technical University is also part of funding. Additionally, Rs 220 crores have been allocated for “Flood Management and Border Area Program” aimed at flood management across ten river basins in state.