Mizoram Chief Minister Lalduhoma Unveils Fiscal Plan for Consolidation and Reform

Northeast Desk, 27th February: Mizoram Chief Minister Lalduhoma today presented his inaugural budget at the 9th Mizoram Legislative Assembly, marking the Zoram People’s Movement (ZPM) government’s first budget since assuming office.

The state budget estimate for 2024-25, excluding Charged Expenditure, stands at Rs 13,176.85 crore, with a Supplementary Demand (Voted Expenditure) for 2023-24 amounting to Rs 3,287.93 crore.

Chief Minister Lalduhoma emphasized that 2024-25 would be a year of consolidation, with the government focusing on reducing fiscal deficits and lowering debt levels. The administration aims to refrain from embarking on large-scale projects that require substantial counterpart funding from state coffers.

The new administration introduced its budget plan, prioritizing financial stability and socio-economic reforms. Key initiatives include the implementation of a new governance model, “Kalphung Thar – Mipui Sawrkar,” and the launch of the Chief Minister’s 100 Days Programme. The government aims to curtail fiscal deficits, address debt accumulation, and promote balanced economic growth with a focus on environmental protection and social equity.

The budget allocates funds for various sectors, including agriculture, industry, entrepreneurship, and skill development, through flagship initiatives like the “Bana Kaih” or Hand Holding Policy. Efforts will converge with central government schemes to benefit the populace, particularly those engaged in agriculture and industry.

To ensure effective project implementation and policy coordination, the government established two committees: the Mizoram Project Monitoring Committee and the Mizoram State Policy Coordination Committee. These bodies oversee project quality, efficiency, timely completion, and policy matters.

Healthcare financing receives attention, with allocations for free mortuary van services and increased contributions to the Indira Gandhi National Old Age Pension Scheme. Plans to improve power generation and supply, upgrade infrastructure, and strengthen social security are also included.

Despite fiscal constraints, capital expenditure is earmarked at Rs. 2455.08 crore, supplemented by Supplementary Demands for Grants totaling Rs. 3294.16 crore under Revised Estimates. The Fifteenth Finance Commission’s recommendations for state shares in the divisible pool of taxes and grants to local bodies are expected to enhance financial resources.

Gender equality initiatives, disaster response, and mitigation efforts also feature prominently in the budget, reflecting the government’s commitment to inclusive development and efficient resource utilization.

Read More: Mizoram Council of Ministers Delays Resolution Against Scrapping Free Movement Regime with Myanmar

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