Northeast Desk, 27th February: In a momentous address to the Mizoram Legislative Assembly, the Finance Minister unveiled the eagerly awaited Annual Financial Statement for the Fiscal Year 2024-25, heralding a decisive stride toward the state’s economic revitalization. Anchored by the “Kalphung Thar – Mipui Sawrkar” initiative, the budgetary framework underscores a firm resolve to foster inclusive growth, uphold fiscal prudence, and tackle pressing socio-economic imperatives head-on.
Key Budget Highlights:
1. Economic Growth Trajectory: Mizoram’s economy demonstrates resilience in the face of global challenges, with a projected Gross State Domestic Product (GSDP) growth rate of 11.03% for FY 2024-25, propelled by the tertiary sector.
2. Fiscal Prudence: Endeavors to restrain the Gross Fiscal Deficit within manageable thresholds are in progress, with projections indicating a Fiscal Deficit of 2.84% of GSDP for the upcoming fiscal year. Anticipated upticks in State’s Own Revenue, driven by contributions from diverse sectors including GST, stamps & registration, and vehicle tax, reflect proactive fiscal management endeavors.
3. Debt Management: A steadfast commitment to judicious debt management prevails, with a focus on curbing the Debt/GSDP ratio over the medium term. Investments in reserve funds managed by the Reserve Bank of India aim to mitigate contingent liabilities and ensure financial stability.
4. Healthcare and Social Welfare: Initiatives aimed at augmenting healthcare coverage and bolstering social welfare schemes remain pivotal, with the launch of an upgraded healthcare scheme with expanded coverage slated for the upcoming fiscal year.
5. Infrastructure and Development: Strategic allocations toward critical infrastructure projects and capital investments underscore the government’s dedication to propelling sustainable growth and fostering socio-economic development across the state.
In a parting remark, the Finance Minister reiterated the significance of prudent financial stewardship and collective endeavors in realizing the vision of a prosperous and equitable Mizoram. The budget for FY 2024-25 serves as a strategic roadmap for achieving sustainable development amid evolving challenges, charting a path toward a brighter future for future generations.
Diversified Sectoral Reforms:
1. Entrepreneurship Development: The government’s agenda encompasses multifaceted reforms spanning healthcare, education, sports, tourism, land, administrative, and industrial sectors, with a focus on fostering entrepreneurship and skill development initiatives.
2. Chief Minister’s 100 Days Programme: A proactive approach underscores the unveiling of the “Chief Minister’s 100 Days Programme,” outlining key objectives to be accomplished within the stipulated timeline, with a dedicated monitoring committee overseeing implementation progress.
3. Strategic Action Plan: Under the banner of “Year of Consolidation,” the government commits to fortifying the state’s fiscal health by curbing deficits and prioritizing essential projects with sustainable impact, while prudent financial management strategies will streamline expenditures.
4. Agri-Economic Initiatives: A significant move to bolster agricultural sustainability includes procuring key cash crops at remunerative prices and establishing the Agricultural Market Assurance Fund Management Board to regulate prices and enhance processing capabilities.
5. Proactive Governance Measures: Proactive governance reforms encompass the reconstitution of key committees to focus on cost reduction, revenue generation, efficient project monitoring, and anti-corruption measures.
6. Holistic Social Initiatives: Initiatives such as the Anti-intoxicating Substances Drive and the “Hand Holding Policy” underscore a concerted effort to address social challenges and empower various sectors.
7. Strategic Fund Allocation: The budgetary allocation of ₹200.00 crore under the Hand Holding Policy and ₹110 crore for the Agricultural Market Assurance Fund underscores the government’s commitment to grassroots empowerment and agricultural sustainability.
Read More: Assam Politics: State Minister Pijush Hazarika Responds to Bhupen Borah’s Criticism of CM