Mizoram Chief Minister Lal Thanhawla, who also holds the finance portfolio, on Friday presented the Rs. 3,577.91 crore annual budget for 2010-2011 and the supplementary demands for the current fiscal amounting to Rs. 642.81 crore in the assembly.
Mr. Lal Thanhawla did not make any proposals for introducing new taxes but suggested upward revision of rates of taxes on automobiles with the final decision taken in due course.
The budget for the next fiscal would conclude with the estimates deficit to the tune of Rs. 2.62 crore, he said, adding that this was possible due to surplus in several accounts.
During his one hour and 35 minute budget speech, the Chief Minister made special mention to the uplift of the rural and urban poor through his government’s flagship programme - the New Land Use Policy (NLUP) - designed to ensure sustainable development for the people ensuring food security and permanent livelihood.
He said economy measures would be continued especially in view of the proposed implementation of the sixth upward revision of pay for the State government employees.
“We expect that the increased expenditure on account of the sixth pay revision would slowly be absorbed in the overall expenditure and the shocks gradually minimised provided that we tighten our belts and forego lavish expenditures on several items,” he said.
He said that the service sector remains the highest contributor of the GSDP at 66 per cent, followed by industrial sector at 19.5 per cent and the agriculture sector at 14.5 per cent and that the State economy registered a growth of 7.2 per cent during the current fiscal.
Mr. Lal Thanhawla presented the regular budget at the level of the plan outlay of Rs. 1,250 core of the current fiscal even as the Planning Commission is yet to allocate the state annual plan outlay for the year 2010-2011 and said that he might have to seek supplementary grants for incorporating the increase in the plan.