The West Bengal government on Friday presented a vote on account statement of about Rs 11,165 crore to meet the expenditure for September and October.
After getting a hefty 27 per hike in annual allocation from the Planning Commission, West Bengal finance minister Amit Mitra on Friday preferred refraining from a “lengthy tortuous discourse”, in his debut speech at the state Assembly.
In a stark contrast to his predecessor, Asim Dasgupta, who presented a 45 page speech on vote-on accounts four months ago, Mitra presented a six-and-a-half page speech on the same.
Preliminary estimates by the Comptroller and Auditor General (CAG) for 2010-11 on West Bengal suggested previous financial statement projected unrealistic revenue projection growth of 39 per cent, within a period of only one year, said Mitra.
“Such a jump is mythical and divorced from reality,” he said. In the new financial statement, the government increased the core plan expenditure by 13.80 per cent to Rs 20,949 crore against Rs 18,487 crore projected earlier.
The government has stressed on social and physical infrastructure, human development and neglected regions of the state. It has estimated 10 million people are without jobs.
Citing shortage of time as the reason behind not presenting a full Budget, Mitra said state chief minister was in talks with the Centre for further assistance.
“We are expecting the Centre’s help to synergise with the state’s expectations,” he said.
The Planning Commission had approved Rs 22,214 crore allocation for the state for the financial year, against Rs 17,985 crore last year. The allocation will be reflected in the Budget statement.
Mitra said new financial statement had increased its share in major development projects by more than Rs 2,200 crore with the view to avail higher quantum of matching funds from the central government.
Mitra said the state had lost to the extent of Rs 3,157 crore from the Centre for not passing the FRBM Act.
He reiterated that out of the full borrowing capacity of Rs 17,800 crore, Rs 8,000 crore has already been raised from open market operations, leaving little space for further borrowing.
Earlier, he said as an interim measure to pay accumulated bills, due since November 2010, the West Bengal government has decided to go for Rs 3,000 crore of market borrowing.
Accusing the Left Front government of non-payment of bills, Mitra had said accumulated liabilities from November 2010 till March 2011 were Rs 3,500 crore, as no bills were paid from the treasury.
West Bengal’s outstanding liability at present stands at Rs 1.92 lakh crore.
