IMPHAL, February 19: Chief Minister Okram Ibobi Singh, who is also incharge of Finance, today tabled the budget estimate for the fiscal year 2016-17 amounting to Rs 10499.83 crores on the first day of the 13th session of the 10th Manipur Legislative Assembly.
Presenting the budget, the Chief Minister stated that of the total estimate the revenue receipts are estimated at Rs 9367.71 crores and capital receipts at Rs 1132.12 crores.
The estimate of capital receipt Rs 1132.12 crores is based on the likeliness inflows from various sources of borrowing including market loans, institutional loans and net receipts in the public account of the state, he said hinting no changes in rates of taxes and duties.
Presenting a proposal of a total expenditure of Rs 10518.05 Crores out of the consolidated fund of the state, he elaborated that Rs 5948.26 crores is under Non-plan and Rs 4569.78 under Plan (which includes Rs 2768.83 crores under Centrally Sponsored Schemes (CSS) and Central Plan Schemes (CPS) plan fund.
He further explained that the sharp increase in expenditure under CSS, CPS is on account of booking of central share of CSS under this category even though they are part of the overall Plan Outlay.
Of the total expenditure Rs 809.01 is charged expenditure and the remaining amount of Rs 9709.03 crores is voted expenditure.
Total revenue expenditure is estimated at Rs 8538.43 crores while capital expenditure is estimated at Rs 1979.62 crores, which is 19 percent of total expenditure, he said.
Stating that the total expenditure projected under Non-plan revenue account is Rs 5637.28 crores during the fiscal year 2016-17, he informed that adequate provisions have been made to meet all the committed expenditure under Non Plan.
The Non-plan expenditure includes salary expenditure of Rs 2838 crores, pension of Rs 1091.15 croers and interest payment of Rs 475 crores, asserted Ibobi.
In the meantime, the Chief Minister claimed that the changes in terms of the composition and quantum of flow of central assistance to State Plan coupled with the 14th finance commission’s recommendation and scrapping of special category status, has adversely affected the state with limited resources.
Claiming that the changes has created serious challenge on the fiscal management front, he said that such acute fiscal imbalance has cascading effect on the state’s finance and, could jeopadise growth and development.
Nevertheless, the Chief Minister claimed that the Government has already initiated steps to revisit rates of various tax revenues within the limited headroom available at the Government disposal.
Informing of cuts on unproductive expenditure have been resorted on the expenditure front, he sought the co-operation and support of all members cutting across party lines.
The Chief Minister maintained that in spite of the pressure on government resources, the economy continues to grow at an impressive pace.
According to him the Gross State Domestic Product (GSDP) at current prices is estimated to increase from Rs 16,363.96 crore in 2014 to Rs 18,749.32 crores in 2015-16 and to an estimated Rs 21,623.50 crores in 2016-17.
He further mentioned that the average growth during this period is 7.61 percent of which the average contribution of the agricultural sector to the GSDP is 18 percent and that of service sector is 57 percent.
The projected growth rate during 2015-16 is estimated at 7.9 percent, marginally higher than 7.8 percent during 2015-16.
The Chief Minister also tabled demands for excess grants of Rs 541.42 crore for the fiscal year 2012-13 and Rs 946.15 crore as demands for supplementary grants for the fiscal year 2015-16.
Elaborating on the demands, the Chief Minister stated that during the fiscal year 2012-13, an excess expenditure of 541.42 Crore occurred under two grants and one appropriation. Out of which, a sum of Rs 18.57 Crore is related to revenue expenditure and 522.85 Crore to capital expenditure and loans and advances.
He further explained that the excess under revenue expenditure was mainly due to payment of interest of on market loans, interest on ways and means advances and state provident fund besides expenditure under Sericulture and Irrigation and Flood Control Department.
Of the toatal amount of supplementary grants for the 2015-16, Ibobi said that it covers 35 demands and two appropriations of which 2.45 crore is charged on the consolidated funds of the state and 943.72 Crore to be voted by the house.
The supplementary demands are necessitated largely on account of payment of salaries and higher allocation of funds under NEC/NLCPR and realeased of funds under centrally sponsored schemes, he illuminated.
Moreover, due to the restriction on re-appropriation of fund from Revenur to Capital Account and also from “Voted” to “Charged” and reverse, it is necessary to provide additional funds through demands for Supplementary Grants.