The sixth session of the 12th Manipur Legislative Assembly commenced on Wednesday, as Chief Minister N Biren Singh, who also holds the finance portfolio, presented the budget estimates for the financial year 2024-2025.
With a gross expenditure target set at Rs 34,899 crores, the budget seeks to address the economic challenges posed by recent unrest in the state.
In his budget speech, Singh acknowledged the adverse impact of unrest on the state's economy, citing reduced revenue collection, heightened security and relief expenditures, inflation, and disruptions in the movement of goods and services.
CM Singh highlighted the government’s commitment to restoring normalcy and rebuilding the economy.
For the fiscal year 2024-2025, the budget outlines a total gross expenditure of Rs 34,899 crores sourced from the consolidated fund of the state. It includes an estimated revenue expenditure of Rs 20,628 crores and a capital outlay projected at Rs 8,616 crores.
The fiscal deficit is anticipated to reach Rs 1,526 crores, constituting 3 percent of the Gross State Domestic Product (GSDP), while the total outstanding debt as a percentage of GSDP is projected at 35 percent.
The budget estimates total receipts at Rs 34,815 crores, comprising Rs 27,716 crores in revenue receipts and Rs 7,099 crores in capital receipts.
Singh further highlighted the anticipated state tax and non-tax receipts, pegged at Rs 2,470 crores and Rs 300 crores, respectively.
Singh acknowledged the central government’s vital support in compensating for the revenue loss incurred by the state due to ongoing challenges.
He revealed that the central government has approved a special assistance package of Rs 500 crores to mitigate these losses.
Additionally, he noted that Rs 565 crores have been allocated for externally aided projects during 2023-2024, aimed at financing various infrastructure initiatives undertaken by the government. Furthermore, security-related expenditures received substantial backing, amounting to over Rs 150 crores.
Addressing the humanitarian aspect, Singh announced a special relief package of Rs 101.75 crores as one-time assistance for the operation of relief camps catering to displaced individuals affected by violence.
Another package worth Rs 209.45 crores was approved to facilitate relief and rehabilitation efforts for victims of ongoing law and order challenges.
The central government has also sanctioned Rs 145.18 crores for the provision of temporary shelter for displaced families, with a target of constructing 3,000 shelters.
In addition to the financial assistance, Singh highlighted various developmental projects being undertaken across different departments.
Under the Development of Infrastructure in North Eastern Region (DevINE) scheme, the state has secured funds for the infrastructure development of two key universities: Dhanamanjuri University, which will receive Rs 71 crores, and Manipur Technical University, allocated Rs 54 crores.
Work on these projects is slated to commence this year.
Moreover, the government of India has sanctioned the “Flood Management and Border Area Program” aimed at flood management initiatives in ten river basins throughout the state.
Singh reported that progress under this project is on track, with an allocation of Rs 220 crores earmarked for its implementation.
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