WB FM targets 31% higher revenue collection

In a 14-page addition to the six and half page vote-on-account presented by him on June 24, West Bengal Finance Minister Amit Mitra on Thursday set an ambitious increase in revenue receipt by 31.39 per cent for the state.

According to Mitra, this annual financial statement for 2011-12 is the state's “budget” for this financial year. “Earlier we used to cirulate some 25 books in the name of budget. Neither the MLAs nor the common people could understand that. We have made it simple. It was a tough job. I have tried my best,” he said.

“We are looking at garnering greater resources.We are looking at an ambitiouus 31 per cent increase in revenue collection,” Mitra said. The new government has projected to bring down the revenue deficit to Rs 8,290.83 crore in 2011-12 from Rs 17,166.03 crore in the last fiscal.

 

“About 93 per cent of state's revenue earlier was used to pay salaries and pensions. There was no scope for captital formation and asset creation. We will bring down this salary outgo to 74 per cent. And with this 31 per cent revenue growth, we will able to focus more on asset creation, despite increase in expenditure in payment of salaries and pensions by 12 per cent and seven per cent respectively,” he said.

However, Mitra did not disclose the mechanism to mop up resources. According to his statement on trends of expenditure, the government stressed on social and physical infrastructure, human development and neglected regions of the state.

The allocation in school education has been raised 105 per cent, 63 per cent in food and supply, 85 per cent in health and familywewlfare, 179 per cent in municipal affairs, 238 per cent in transport, 163 per cent in western region development and 183 per cent in planning and development purposes.

Though, according to Mitra, the annual financial statement is a simplified replacement for the “ful-fledged budget”, the opposition leader in the state assembly, Surjya Kanta Mishra critisized the move.

“Such a thing never happened in any state of the country. It is not clear whether it is a budget or not,” Mishra said, adding, “He (Amit Mitra) should learn how to deliver his job as a Finance Minister, otherwise, he should leave the post.”

This is the first time state will go without a full-fledged budget. On Mach 21, former state Finance Minister Asim Dasgupta had presented the first vote-on-account. Then his successor Amit Mitra presented another one on June 24 which is valid till September. The addition, Mitra made on Thursday, to his earlier annual financial statement is for the rest of the financial year.