Rio presents ‘people-friendly’ Budget

The Nagaland Government presented a ‘people- friendly’ Budget keeping the present tax structure unchanged.

Nagaland Chief Minister Neiphiu Rio tabled a deficit Budget of Rs 425.77 crore for the next financial year in the State Assembly and emphasised consolidation and streamlining of the revenue collection machinery in the State.

Pointing out that internal resources over the year had witnessed an upward trend, the Chief Minister did not make any fresh tax proposal in the Budget.

The total revenue receipt from different sources was projected at Rs 4,263.47 crore against the total expenditure of Rs 4,232.61 crore leaving a negative balance of Rs 57.53 crore taking into consideration the negative net public account of Rs 88.39 crore.

However, because of the estimated negative opening balance of Rs 368.24 crore in the previous financial year, the year 2008-09 is estimated to close with a negative balance of Rs 425.77 crore.

Exuding confidence that the State Government would achieve the target of revenue collection of Rs 225 crore during the current year, the budget targeted internal resource mobilisation at Rs 259 crore.

The Chief Minister clarified that although the Planning Commission was yet to finalise the State plan size for the year 2008-09, the government opted for presenting the full-fledged budget keeping the plan allocation at the current year’s level of Rs 906 crore.

Nagaland | North East Enquirer (Headlines) | Nena Home Page |