Mizoram CM: State retains Rs 1,093 crore cash balance as of April 1

Mizoram's financial health has seen a marked improvement over the past year, with the state retaining a cash balance of Rs 1,093 crore with the Reserve Bank of India (RBI) at the end of the 2024-25 fiscal year, Chief Minister Lalduhoma announced on Thursday, April 3. 

Speaking at an event in Aizawl, Lalduhoma credited the increase to strict austerity measures implemented by his government. The state’s cash balance, which stood at Rs 520 crore at the end of 2023-24, more than doubled within a year. The chief minister, who also oversees the finance portfolio, emphasised that such a high balance is unprecedented for Mizoram, where past figures typically ranged between Rs 100-200 crore.

“In spite of fiscal challenges and owing to austerity measures, we are able to retain a cash balance of Rs 1,093 crore with the RBI as on April 1 against Rs 520 crore balance on April 1, 2024. This is a clear indication of significant improvement in the state's financial position,” he said.

Lalduhoma highlighted that in previous years, the state often faced a negative balance when salaries and pensions for March were disbursed at the start of the new fiscal year. However, his administration has managed to prevent such shortfalls. He also noted that except for one instance, the government has avoided overdrafts since assuming office on December 8, 2023.

The Zoram People's Movement (ZPM) came to power in December 2023, and Lalduhoma asserted that his government remains committed to financial discipline. He also claimed that no ministers, MLAs, or officials have been involved in corruption during the one year and three months of ZPM’s tenure. (PTI)