Kohima: Despite a surplus estimate of Rs 150.30 crore from the estimated gross receipts and gross expenditure for 2022-23, Nagaland chief minister Neiphiu Rio, who also holds the portfolio for finance, presented a Rs. 2212.74 crore budget deficit for the year 2022-23.
This is because the negative opening balance for 2021-22 accounted for Rs 2363.04 crore, Rio said while presenting the budget during the 11th session of the 13th Nagaland Legislative Assembly, here in Kohima on Tuesday.
As per the budget estimate for 2022-23, gross receipts were estimated at Rs 24,389.80 crore and gross expenditure at Rs 24,239.50 crore.
The breakout showed the state’s own tax and non-tax revenue being estimated at Rs 1708.11 crore; state’s share in central taxes at Rs 4646.80 crore; central assistance (grants and lans) at Rs 9720.20 crore; Internal debt [including Ways and Means Advances (WMA) from Reserve Bank of India (RBI)] at Rs 8313.18 crore; and recovery of loans and advances by state government at Rs 1.51 crore.
On expenditures, non development expenditure (excluding debt servicing) estimated at Rs 10410.19; while servicing of debt (including repayment of WMA) at Rs 8014.18; and development expenditure (including centrally sponsored schemes) at Rs 5815.13 crore.
Due to the growth in the country’s economy during the current year, the State’s share of Central Taxes has been increased in the Revised Estimates of the Union Budget by Rs 547.10 crore and for which the State’s own revenues are also estimated to improve by Rs. 42.45 crore. With the improvements, 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.
The state’s own revenues – both tax and non-tax combined, crossed Rs 1500 crore during 2021-22, and are expected to grow during 2022-23 by about 8%.
Interacting with journalists after the budget presentation, Rio said that the transactions for year 2022-23 being estimated to result with a positive balance of Rs 150.30 crore is an achievement for the state.
While the power sector is a significant contributor to the non-tax revenue of the State, power revenue is expected to cross Rs 200 crore for the first time. Rio informed that power loss in the state has reduced to 50% and is expected to further improve.
While the salaries and wages (Non-Development) accounts to 28.27% of the budget expenditure, Rio said that the state government is overstaffed. However, he said that the government has no plans to downsize its employees or merge government departments as Nagaland is a tribal state with every elected tribal representative who” wants to hold a department”.
No new taxes were introduced.
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