State income doubled under BJP Govt: CM

STAFF REPORTER
IMPHAL, 21st Sep: Conveying that a new programme christened ‘Stand-Up Manipur’ will be launched soon under 'Start-up Manipur' scheme for which the government is sanctioning Rs 30 crore annually with the aim of providing soft loans to SC, ST, OBC and minority entrepreneurs of the state, chief minister N Biren has claimed that the growth rate of Gross State Domestic Product (GSDP) has doubled from 4 percent in 2016-17 to 8 percent in 2018-19 with the formation of BJP-led government in the state.
Addressing a press meet at the CM Secretariat here on Saturday, Biren stated that 'Start-up Manipur' scheme was introduced with the sole objective of facilitating talented young entrepreneurs by providing loans so that they could initiate various start-up programmes which would have productive effects in the state such as generation of jobs for unemployed youth.
He informed that the same criteria for executing ‘Start-Up Manipur’ scheme will also be applied to ‘Stand-Up Manipur’ programme which aims at facilitating talented SC, ST, OBC and minority entrepreneurs of the state by providing soft loans. He further informed that a facilitation cell for enabling SC, ST, OBC and minority entrepreneurs of the state to have access to information as well as to assist the entrepreneurs belonging to weaker sections for availing funds under various schemes taken up by different Ministries will also be set up.
Hailing the historic decision taken by the Union Finance minister Nirmala Sitharaman on Friday for cutting the corporation tax rate, the chief minister explained that all domestic companies will now be allowed to pay corporation tax at the rate of 22 percent which was earlier fixed at 30 percent and any new domestic manufacturing company incorporated on or after October 1 of this year will be allowed to pay corporation tax at the rate of 15 percent.
There will be an expansion in the scope of CSR activities as the companies concerned can now spend 2 percent of the money on state or Union government incubators, PSUs, state universities, IITs and public-funded entities, he added.
Biren elaborated that the state owned tax revenue has sharply increased from Rs 587 crore in 2016-17 to above Rs 1000 crore in 2018-19 and such result shows that with the advent of the present government there has been consistent economic growth in the state.
He asserted that the government has been able to achieve such result due to the love, support and co-operation of the people of the state and Manipur which was once a bandh and blockade-stricken state has now been completely transformed into a region of economic growth.
The visit of foreign tourists in the state has also increased from 500-600 tourists per year in 2015-16 to above 1000 tourists per month these days, the chief minister added.


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