AMN
Nagaland Chief Minister Neiphiu Rio, who is also the Finance Minister, on 27th March 2023, Monday presented the State Budget 2023-24 with an accumulated deficit of 1,374.17 crore rupees.
Presenting the Budget on the floor of the House, Rio said for the Financial Year 2023-24, the estimated gross receipt stands at 23,145.66 crore rupees, while the gross expenditure stand at 23,085.66 crore rupees, with a positive balance of 60 crore rupees. However, the current transactions will close at a negative balance of 40 crore rupees.
He said in the preceding year, the State has seen an increase in revenue under the share of Central taxes and duties as well as the state’s own revenue.
Rio said this has helped the State to discharge a substantial amount of liabilities in the form of Central Sponsored Scheme backlog and civil deposits.
While proposing not to raise any new taxes in the Budget, the Chief Minister, however, pressed on the need for the state to mobilize more resources to meet the State’s increasing developmental needs.
Rio also considered allowing the sale of liquor to foreign nationals coming to the State, saying that this is done within the ambit of the Nagaland Liquor Total Prohibition Act, 1989 wherein the Act allows the sale of liquor to foreign nationals coming to the state by certain hotels of star category.
The House will take up consideration and passing of the Budget on 28th March 2023, Monday.
Later, addressing media persons after presenting the State budget, Chief Minister Neiphiu Rio termed the State budget 2023-2024 as a balanced budget targeting the Agri and allied, micro farmers, and entrepreneurs.
Saying that the financial position of the State has improved, Rio, however, advised all the departments to adopt measures of austerity in their functioning, and to do the best possible to avoid wasteful expenditure.