Nagaland State Budget 2021-22: Deficit surges to Rs 2679.46 crore

February 19, 2021 153 Views No Comment

Our Correspondent
Kohima | February 18

Nagaland chief minister Neiphiu Rio, who also holds finance portfolio today presented Nagaland state budget for 2021-2022 at the 7th session of the 13th Nagaland Legislative Assembly (NLA) here.

As regards the Budget proposals, Rio stated that he is estimating the gross receipts at Rs 22451.28 crore and gross expenditure at Rs 22816.61 crore for the financial year 2021-22.

Rio said the current year’s transaction is estimated to result in a negative balance of Rs 365.33 crore.

“However, because of the negative opening balance of Rs 2314.13 crore, the year 2021-22 is estimated to close with a negative balance of Rs 2679.46 crore,” Rio said.

Rio said that owing to the COVID 19 pandemic lockdowns the state’s Share of Central Taxes has been reduced in the Revised Estimates of the Union Budget by Rs 1341.99 crore.

“Our own revenues are also estimated to decline by Rs 86.19 crore. Accordingly, the State’s closing deficit for 2020-21 would have deteriorated by this amount had it not been for the various measures of reduction in expenditure undertaken by the State Government. As a result the year 2020-21 is estimated to close with a deficit of Rs 2314.13 crore, Rio said.

Later, Rio described Budget for 2021-22 as people friendly.

COVID-19 has brought out our dependence on supplies of even basic food items like food grain, fruits, vegetable etc from outside the State and the Government is working out measures to ensure self-sustenance in the long run, Rio told media persons after presentation of the budget.

Meanwhile, he said that in view of the difficult situation that the state is facing, he is not proposing to raise any new taxes.

“However, we have to make all possible efforts to increase revenue collections through measures such as better enforcement and steps to check leakage of revenue,” he added.

Source: https://morungexpress.com/nagaland-state-budget-2021-22-deficit-surges-to-rs-267946-crore