Introducing the bill, Chief Minister Lal Thanhawla said the bill aims to reduce the states outstanding debt, as per the 13th Finance Commissions advice to all the states. It was meant to ensure prudence in fiscal management and stability by progressive reduction of revenue deficit, prudent debt management and greater transparency in fiscal operations, he explained.
The states outstanding debt, according to the Chief Minister, is Rs 3171.76 crores.
The assembly today also passed three other bills -the Mizoram Board of School Education (Amendment) Bill 2011, and The Mizoram Compulsory Registration of Marriages (Amendment) Bill 2011, tabled by education and law Minister Lalsawta and The Mizoram Municipality (Amendment) Bill 2011 tabled by UD and PA minister Zodintluanga.