Lalsawta, in his budget speech, expressed the hope that he would be able to present a regular budget in the next session of the Assembly.
He said that he was unable to present the regular budget this time as the Planning Commission which used to allocate plan fund for the states was abolished and replaced by the NITI Aayog which was also yet to make any plan allocation for Mizoram.
"We were unsure of the functioning of the new plan panel for quite sometime barring us from preparing a regular budget at this time," he said, adding that India has also been at a transitional period between the 13th Finance Commission and the 14th Finance Commission and the recommendations of the 14th Finance Commission could be accessed only on February 24 last.
He said that the regular budget would be prepared as soon as the state government gets a clearer picture on the functioning of the NITI Aayog and after receiving detailed guidelines under the recommendations of the 14th Finance Commission.
"Indications made by the recommendations of the 14th Finance Commission and the speeches of the Prime Minister that higher responsibilities and power would be vested in the state on financial matters," the Finance Minister said, adding that there would be higher need for mobilisation of additional resources and enforcement of more stringent economy and austerity measures.
He did not make any fresh proposals for enhancement of tax rates and also did not propose any new taxes.