Zoramthanga, who also holds the finance portfolio, also announced creation of three new districts Hnahthial, Khawzawl and Saitual- taking the total number of districts in the mountainous state to 11.
Presenting the budget, the Chief Minister told the house in the vernacular Mizo language that Rs 750 crore has been allocated for execution of the state's flagship scheme Socio-Economic Development Policy (SEDP).
"We would soon submit a detailed project report to the Union government to avail financial assistance from the Centre to expedite the SEDP," he added.
"Rs 50 crore was allocated as a health care corpus fund for implementation of improved health care scheme as formulated by the erstwhile MNF government (2003-2008). Rs 30 crore was proposed in the budget for recruitment of teachers for the elementary education to overcome the shortages of teachers," he added.
He said that the Gross State Domestic Product (GSDP) was projected to be Rs 25,869.14 crore at current price at a growth rate of 16.15 per cent. Zoramthanga said that the total liabilities (debt) of the state were estimated at Rs 8,447.92 crore which is 32.66 per cent of the projected GSDP.
Later talking to the media, the Chief Minister said that state government's targets would be privatisation, modernisation and improvement of production to boost the economy of the state.
"The state government earlier this year in the state Assembly passed a vote-on-account for the current fiscal (19-20) and now a full-fledged budget was presented in the house on Thursday," a finance department official said.
Defeating the Congress in the November 28 state polls to the 40-member Assembly, the Mizo National Front (MNF) government headed by Chief Minister Zoramthanga returned to the power in the border state for the third time in December last year.
( With inputs from IANS )