Mizoram Budget for 2024-25: CM's 100 days programme launched, set goals for progress by March 31, 2024

In a landmark address to the Mizoram Legislative Assembly, the Finance Minister announced the much-anticipated Annual Financial Statement for the Fiscal Year 2024-25, marking a decisive step towards the state's economic resurgence. Under the banner of the "Kalphung Thar – Mipui Sawrkar" initiative, the budgetary framework reflects a resolute commitment to fostering inclusive growth, while ensuring fiscal sustainability and addressing pressing socio-economic imperatives.

Key Highlights of the Budget Speech:

Economic Growth Trajectory: Mizoram's economy exhibits resilience amidst global challenges, with a projected Gross State Domestic Product (GSDP) growth rate of 11.03% for the fiscal year 2024-25. The tertiary sector continues to drive economic expansion.

Fiscal Prudence: Efforts to contain the Gross Fiscal Deficit within manageable limits are underway, with projections indicating a Fiscal Deficit of 2.84% of the GSDP for the upcoming fiscal year. Anticipated increases in State's Own Revenue, buoyed by contributions from various sectors including GST, stamps & registration, and vehicle tax, reflect proactive fiscal management strategies.

Debt Management: The government remains steadfast in its commitment to prudent debt management, with a focus on reducing 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.

Healthcare and Social Welfare: Initiatives aimed at enhancing healthcare coverage and social welfare schemes remain pivotal, with the launch of an upgraded healthcare scheme with broader coverage slated for the upcoming fiscal year.

Infrastructure and Development: Strategic allocations towards critical infrastructure projects and capital investments underscore the government's commitment to driving sustainable growth and fostering socio-economic development across the state.

In a closing statement, the Finance Minister reiterated the importance of prudent financial management and collective efforts in realizing the vision of a prosperous and equitable Mizoram. The budget for the fiscal year 2024-25 serves as a strategic blueprint for achieving sustainable development amidst evolving challenges, paving the way for a brighter future for generations to come.

Diversified Sectoral Reforms:

The government's agenda encompasses multifaceted reforms spanning healthcare, education, sports, tourism, land, administrative, and industrial sectors. Emphasis will be placed on combatting corruption, enhancing social security measures, environmental conservation, and fostering entrepreneurship and skill development initiatives. Notably, the establishment of Entrepreneurship Development Centers, Incubation Centers, and Start-up Hubs aims to nurture youth entrepreneurship and innovation.

Chief Minister's 100 Days Programme:

In a proactive approach, the government unveiled the "Chief Minister's 100 Days Programme," outlining key objectives to be achieved within the stipulated timeline ending on March 31, 2024. A dedicated monitoring committee has been tasked with overseeing the implementation progress, ensuring timely execution of the outlined initiatives.

Strategic Action Plan:

Under the overarching theme of "Year of Consolidation," the government is committed to fortifying the state's fiscal health by curbing fiscal deficits and restraining debt accumulation. Prudent financial management strategies will be employed to streamline expenditures and prioritize essential projects with sustainable impact. Notable exclusions from the fiscal year 2024-25 budget include capital-intensive projects requiring substantial state funding.

Agri-Economic Initiatives:

In a significant move to bolster agricultural sustainability, the government pledges to procure key cash crops at remunerative prices, empowering producers while ensuring market stability. Additionally, the establishment of the Agricultural Market Assurance Fund Management Board underscores the commitment to regulate prices, enhance processing capabilities, and facilitate post-harvest management of notified crops.

Proactive Governance Measures:

The government's proactive stance extends to governance reforms, including the reconstitution of the Mizoram Resource Mobilization Committee and Mizoram State Project Monitoring Committee. These bodies will focus on cost reduction, revenue generation, efficient project monitoring, and anti-corruption measures, including granting general consent to the CBI for investigating corruption cases.

Holistic Social Initiatives:

A concerted effort to address social challenges is evident in initiatives such as the Anti-intoxicating Substances Drive, aimed at combating substance abuse and juvenile delinquency. The "Hand Holding Policy" ("Bana Kaih") serves as a cornerstone for empowering various sectors, fostering agricultural and industrial development, and ensuring effective implementation of government schemes.

Strategic Fund Allocation:

The budgetary allocation of ₹200.00 crore for 2024-25 under the Hand Holding Policy underscores the government's commitment to grassroots empowerment and sectoral growth. Additionally, a corpus fund of ₹110 crore has been earmarked for the Agricultural Market Assurance Fund, reinforcing the state's commitment to agricultural sustainability and market stability.