Manipur Chief Minister N Biren Singh on Wednesday presented the budget for 2024-25 with an expenditure proposal of Rs 34,040 crore in the state legislative Assembly.
Singh, who also holds the finance portfolio, said that the government proposed a vote-on-account so that it can better coordinate its efforts with the central government when the full-fledged Union Budget is passed later this year.
The budget proposed a total expenditure of Rs 34,040 crore out of the consolidated state fund. The total revenue expenditure is estimated at Rs 20,246 crore and the capital outlay is estimated at Rs 8,155 crore, he said.
The Chief Minister also said that the fiscal deficit is estimated at Rs 2,344 crore, which would be 4.45 per cent of the Gross State Domestic Product (GSDP). During 2024-25, the total outstanding debt as a percentage of GSDP is projected at 32 per cent. The GSDP for 2024-25 is estimated at Rs 52,711 crore, he said.
Talking about the unrest in Manipur, the Chief Minister said, “The financial year of 2023-24 has been a difficult year for the state. The ongoing unrest in the state has taken a heavy toll on the state’s economy. Given the trend of own tax and non-tax collection so far, the state may lose fiscal resources to the tune of Rs 800 crore during the current financial year.”