AIZAWL: Mizoram A total spending of Rs 14,209.95 crore was included in the annual budget for the fiscal year 2023–24 that Chief Minister Zoramthanga presented to the legislature on Monday. There was no suggestion to impose additional taxes or raise current tax rates.
The chief minister has submitted additional demands totaling Rs 3,265.69 crore for the current fiscal year (2022-2023). In the previous fiscal year, a total budget outlay of Rs 14,008 crore was made. The Socio-Economic Development Policy (SEDP), according to Zoramthanga, who also holds the responsibility for finance, was given priority, and for the fiscal year 2023–2024, Rs 595 crore was allocated to it.
The Mizo National Front (MNF) government's main initiative, the SEDP, seeks to accelerate development in important areas while promoting sustainability through resource management and exploration. During the budget presentation, Zoramthanga, who is also in charge of the finance ministry, pledged to allocate Rs 300 crore under the family-focused SEDP for the fiscal year 2023–2024.
According to Zoramthanga, the government has made plans to provide 60,000 families with financial assistance totaling Rs 50,000 each during the current fiscal year. The first installment of the assistance, worth Rs 25,000 each, has already been given to 5,996 beneficiaries.
After presenting the yearly budget and additional needs, the chief minister said at a news conference that money (Rs 25,000 for each beneficiary) had been sanctioned and will be distributed within the current fiscal.
In the press conference, Zoramthanga asserted that the lack of central government taxes received as a result of the COVID-19 pandemic has paralyzed the state economy and that the government has not received its fair share of taxes totaling more than Rs 3,000 crore over the past two fiscal years, 2021–2022 and 2022–2023.
According to him, out of the overall budget of Rs 14,209.95 crore, 21.90% (Rs 3,141.19 crore) will go towards capital expenses, while 78.10% (Rs 11,068.76 crore) will go towards revenue expenditures. The chief minister allotted Rs. 50 lakh to continue assisting deserving students in their preparation for the All India Service and other Central Service exams. In order to address the management needs of various colleges in the state, the administration also suggested allocating Rs 1.20 crore for higher and technical education.
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