- Loreni Tsanglao, NET Correspondent, Nagaland
The Chief Minister of Nagaland – Neiphiu Rio asserted that due to the country’s economic growth, Nagaland’s part of Central Taxes has been enhanced by Rs. 547.10 crore in the Revised Estimates of the Union Budget, and own revenues are expected to increase by Rs. 42.45 crores.
He informed the same, while presenting the final budget of the 13th Nagaland Legislative Assembly for the year 2022-23 on Tuesday.
According to Rio, taking into consideration of such developments, the year 2021-22 is estimated to close with a deficit of Rs.2363.04 crore as against the earlier estimate of Rs. 2679.46 crore in the Budget Estimates.
“As regards the Budget proposals, estimating the gross receipts at Rs. 24389.80 crores and gross expenditure at Rs. 24239.50 crore for the financial year 2022-23.” -he remarked.
Rio further added that current year’s transactions are expected to result in a positive balance of Rs. 150.30 crore in 2022-23.
However, the year 2022-23 is expected to end with a negative balance of Rs. 2212.74 crore due to the negative opening balance of R323 63.04 crore; asserted the CM.
Rio stated that the State has been dealing with COVID-19 for the past two years, and that despite the terrible circumstances the country is experiencing, the last few months have seen a significant improvement in the economy.
In January 2022, the country’s GST receipts were Rs. 1,40,986 crore, and our own revenues are also up. As a result, the government will be able to allocate Rs. 775 crore for the 2022-23 State Development Outlay. This is a 10.71 percent increase over the previous year’s budget.
