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Manipur projects revised estimated fiscal deficit for 2020-21 at 9.93% of GSDP

Tabling the ‘Demand for Supplementary Grants 2020-’21 in the Assembly on Friday, Singh said the state’s total budgeted expenditure for fiscal 2020-’21 had been estimated at Rs. 20,870 crores and it has now been revised to Rs 24,986 crores.

Written by Jimmy Leivon | Imphal |
February 6, 2021 12:16:00 am
Y Joykumar Singh said the GSDP for 2020-’21 is estimated at Rs. 37,682 crores at current market price, and is expected to reach Rs. 43,121 crores in fiscal 2021-’22. (File)

Manipur Deputy Chief Minister Y Joykumar Singh, who is additionally in charge of the finance department, projected the state’s revised estimated (RE) fiscal deficit for 2020-21 at Rs. 3,743 crores, which is 9.93 per cent of the Gross State Domestic Product (GSDP).

Tabling the ‘Demand for Supplementary Grants 2020-’21 in the Assembly on Friday, Singh said the state’s total budgeted expenditure for fiscal 2020-’21 had been estimated at Rs. 20,870 crores and it has now been revised to Rs 24,986 crores.

The revenue receipts and capital receipts for 2020-’21, which had been estimated at Rs 18,083 crores and Rs 2,063 crores respectively, have also been revised to Rs.17,517 crores and Rs. 4,853 crores, the finance minister said, adding that the state’s capital outlay has also been raised significantly from Rs. 3,356 crores to Rs. 4,541 crores in the revised estimates.

“Taking into account all receipts and expenditures, the current year is expected to have a budgetary deficit of Rs.2,616 crores in RE 2020-’21 as against the deficit of Rs. 723 crores in BE (budget estimate). The fiscal deficit for 2020-21 (RE) is projected at Rs.3,743 crores, which is 9.93 % of GSDP,” said Singh.

He said the GSDP for 2020-’21 is estimated at Rs. 37,682 crores at current market price, and is expected to reach Rs. 43,121 crores in fiscal 2021-’22.

The minister said since the lockdown was incrementally lifted, the state economy has shown signs of recovery. The vaccination campaign against Covid-19 will also spur economic activities in the state, boosting coffers, he said.

“We are confident that the economy will not only recover but also show strong growth in the coming months,” the minister said.

He added that fiscal 2020-’21 was eventful and disruptive because of the pandemic, but despite having to cut down on public spending, the government ensured fulfilment of basic responsibilities for which it was elected. “The Covid-19 pandemic brought huge economic distress and instability to the world and the state, too, wasn’t immune to its impact. Despite the negative impact, which drastically reduced the state’s receipts, the government ensured availability of adequate resources for payment of salaries and pensions, as well as meeting other committed critical expenditure, especially in the management of the Covid-19 pandemic,” the minister said.

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