Mizoram CM presents budget for FY23, proposes no new taxes

Mizoram Chief Minister Zoramthanga on Thursday presented the state budget for 2022-23 with a total outlay of Rs 14,008 crore, and no proposal for levying new taxes or increasing existing rates.

He also presented the supplementary demands for grants for the 2021-22 fiscal, amounting to Rs 6,025.44 crore.

Zoramthanga, who holds the finance portfolio as well, said the state is facing a major financial crisis due to the inadequate release of the share of taxes from the Centre.

Of the total outlay, 28.57 per cent has been earmarked for capital expenditure, while revenue expenditure accounts for 71.43 per cent of the estimate.

The CM said that he aims to maintain a revenue surplus of Rs 1,419.69 crore, as the government will explore all potential avenues for increasing revenue income, with the constitution of the Mizoram Resource Mobilisation Committee.

He said the GSDP for 2022-23 is estimated to be Rs 39,458.50 crore, a growth rate of 16.76 per cent as against the current year's figure of Rs 33,793.15 crore.

Zoramthanga set aside Rs 700 crore for the implementation of his government's flagship Socio-Economic Development Policy (SEDP) for the 2022-2023 fiscal, compared to Rs 400 crore in the previous budget.

Meanwhile, members of opposition Zoram People's Movement (ZPM) and the Congress on Thursday staged a walkout from the assembly for the second consecutive day in protest against Speaker Lalrinliana Sailo presiding the session, amid allegations of illegal earnings from government contracts.

Opposition members have been demanding that Sailo vacate the chair for the deputy speaker to preside over the proceedings of the session.

Sailo, however, has denied the allegations against him.