Kohima: Nagaland Chief Minister Neiphiu Rio on Tuesday presented a budget deficit of Rs 905.78 crore for the financial year (FY) 2024-25, with a total budget outlay of Rs 23727.88 crore.
Presenting the budget during the second day of the ongoing Assembly session, Rio said that since the current year’s transactions are estimated to result in a negative balance of Rs 19.83 crore, the year 2024-25 is estimated to close with accumulated deficit of Rs 905.78 crore.
The budget outlay included gross receipts at Rs. 23978.05 crore, and gross expenditure at Rs. 23727.88 crore.
Rio informed that the closing accumulated deficit has reduced from the estimated closing amount of Rs. 1374.17 crore in the Budget Estimates to Rs. 885.95 crore in the Revised Estimates.
The State Plan for 2024-25 has been increased from Rs. 820 crores to Rs. 1010 crores, an increase of 23.17%.
The demands for Grants State Matching Share to Centrally Sponsored Schemes (CSS) amounted to Rs 125.80 crore. Further Rs 125.80 crore has been kept in the common pool for allocation on need basis.
Under State’s Share of Union Taxes and Duties, an increase of Rs. 472.52 crore was reflected in the Revised Estimates of 2023-24, as per the figures reflected in the Union Budget.
The year 2023-24 saw an increase of Rs. 401.68 crore (Tax Revenue Rs. 97.60 crore & Non-Tax Revenue Rs. 304.08 crore). For the coming year, the finance department projected Rs 216.81 crore increase in Own Tax Revenue and Rs. 82.67 crore in Own Non-Tax Revenue.
The revenue projections of 2024-25 showed a huge reduction in Non-Tax revenue as compared to the year 2023-24. The department noted that this is mainly because there were huge receipts in SRE during 2023-24. During 2024-25 SRE reimbursement is expected to be less.
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Owing to the increased receipts in the Share of Central Taxes and Duties and own revenues, the estimated closing deficit for the year 2023-24 has been reduced by Rs 488.22 crore from Rs. 1374.17 crore to Rs. 885.94 crore.
The reduction in deficit was mainly on account of reduction in the following liabilities – Rs. 368.21 crore as Backlog of CSS and Rs. 120.01 crore as Civil Deposit.
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