business-northeast-logo

A deficit budget of Rs 2212.74 cr for FY 22-23 presented at Nagaland Budget Session

BNE ADMIN


Spread the love

Nagaland: Nagaland Chief Minister Neiphiu Rio today presented a deficit budget of 2212.74 crore rupees for the financial year 2022-23. Rio who holds the finance portfolio put forth the budget proposals estimating the gross receipts at 23,389.80 crore rupees and gross expenditure at 24,239.50 crore rupees. He said the current year’s transaction for the year 2022-23 is estimated to result in a positive balance of 150.30 crore rupees. Rio said, because of the negative balance of 2363.04 crore rupees, the year 2022-23 is estimated to close with a negative balance of 2212.74 crore rupees.

Addressing media persons after the presentation of the Budget, Chief Minister Rio said, due to the state’s acute financial condition and the ever-growing expenditure of the Government, steps have been taken to enhance its own revenues in various sectors, and also to enhance efficiency.

He said, details of how to affect the measures have already been examined and approved by the State Cabinet, and will soon be put into effect. He said, both tax and non-tax combined, have crossed 1500 crore rupees during 2021-22, and are expected to grow during 2022-23 by about 8 percent.

Rio said a significant contribution to the non-tax revenue of the State is expected in the Power sector.  He said power revenue is expected to cross 200 crore rupees for the first time. Attributing pre-paid metering to the improvement in the power sector, Rio said, the Government will continue to expand this initiative.

The Chief Minister said, his government has also enhanced the allocation of State Share for Centrally Sponsored Scheme (CSS ) for 2021-22 from 250 crore rupees to 276 crore rupees during 2022-23 to facilitate more access to CSS funds.

Meanwhile, the Chief Minister in his budget speech announced the introduction of two significant initiatives that have been designed to have a wide impact on the people of the State. These are Chief Minister’s Micro Finance Initiative and Chief Minister’s Health Insurance Scheme. Besides, Rio also announced the state will be introducing a new scheme called the Target Champion scheme for sport spersons.

BNE ADMIN