Nagaland Chief Minister and Finance Minister Neiphiu Rio presented the Budget for the fiscal year 2023-2024 on Monday during the first session of the 14th Nagaland Assembly in Kohima.
Presenting the Budget proposal to the House, Neiphiu Rio said, “The Gross receipts at Rs 23,145.66 crore, and Gross Expenditure at Rs 23,085.66 crore for the financial year 2023-24 was estimated.” He said that the State was fortunate to see an increase in the revenue receipts both under the Share of Central Taxes and Duties as well as the State’s own revenues, and has helped to discharge a substantial amount of liabilities in the form of CSS backlog as well as Civil Deposit.
The closing accumulated deficit has been reduced significantly from Rs. 2,212.74 crores in Budget Estimates to Rs. 1,334.17 crores in Revised Estimates. Rio stated, adding that because the current fiscal year’s transactions are expected to result in a negative balance of Rs 40 crore, the fiscal year 2023-24 is expected to end with an accumulated deficit of Rs 1,374.17 crore.
He stated that the state’s revenue increased in the previous year due to its share of Central taxes and duties as well as its own revenue.
He also considered allowing the sale of liquor to foreign nationals visiting the state, claiming that this would be in accordance with the Nagaland Liquor Total Prohibition Act of 1989.
The 14th session of the Nagaland Assembly will conclude on Tuesday.
