In his budget speech, state finance minister Lalsawta estimated the deficit in the current fiscal to be Rs 340.80 crore, but said it was expected to come down to Rs 299.63 crore by the end of the next fiscal.
Lalsawta delivered the speech in Mizo language, a first by any state finance minister.
He emphasised the need for improvement and augmentation of the state's own tax and non-tax revenues and cutting down on non-plan revenue expenditure whenever possible.
"As and when the annual plan for 2014-15 is finalised, I will seek approval of this august house for the regular budget," the finance minister said.