Saturday, June 22, 2024
Top Stories

Nagaland’s GSDP increase by Rs 1,998.63 crore

Nagaland News

KOHIMA, MARCH 31: Nagaland’s Gross State Domestic Product (GSDP) increased by Rs 1,998.63 crore (6.57%) from Rs 30,425.11 crore in 2020-21 to Rs 32,423.74 crore in 2021-22.
The Comptroller and Auditor General (CAG) of India in its report on the State Finances for the year ended on March 31, 2022 said that during the last 5 years, there was a steady increase in GSDP from Rs 24,392.96 crore in 2017-18 to Rs 32,423.74 crore in 2021-22.
However, the positive growth rate of GSDP for Nagaland (6.57%) was lower than the all India GDP growth rate (16.85%) in 2021-22, it said.
The Service Sector was the major contributor of GSDP during the year with 59.67%, Agriculture Sector was the second largest contributor with 26.81% while Industry Sector (11.21%) and Taxes on products – Subsidies on products (2%) were third and fourth respectively, it said.
During 2021-22, the State had a Revenue surplus of Rs 1,634.06 crore which was 5.04% of GSDP.
Fiscal deficit was Rs 260.52 crore during 2021-22 which was 0.80% of GSDP and primary surplus was Rs 671.57 crore, 2.07% of GSDP.
Revenue Surplus increased from Rs 375.37 crore in 2020-21 to Rs 1,634.06 crore in 2021-22, mainly due to a significant increase in Revenue Receipts (17.71%), it said.
Revenue Receipts of Rs 13,451.14 crore increased by 17.71% (Rs 2,023.71 crore) over the previous year (Rs 11,427.43 crore), mainly due to increase in Own Tax Revenue (27.22%) and State’s share in Union Taxes and Duties (43%), it said.
Own Tax Revenue of Rs 1,301.08 crore increased by 27.22% over the previous year Rs 1,022.74 crore, it said.
State’s share of Union Taxes and Duties of Rs 4,875.27 crore in comparison to the previous year of Rs 3,409.25 crore, an increase by Rs 1,466.02 crore (43%).
Saying that the Revenue Expenditure was Rs 11,817.08 crore and it increased by 6.92% to Rs 765.02 crore over the previous year of Rs 11,052.06 crore, it said.
Capital Expenditure which was Rs 1,893.85 crore for the year, increased by 13.27% (Rs 221.92 crore) over the previous year’s expenditure of Rs 1,671.93 crore. It was mainly due to increase in capital outlay under Social Services (80%).
Total Expenditure for the year, which was Rs 13,713.54 crore, increased by 7.73% (Rs 983.94 crore) over the previous year (Rs 12,729.60 crore), the CAG said adding that it was mainly due to increase in both Revenue Expenditure (Rs 765.02 crore) and Capital Expenditure (Rs 221.92 crore).
Fiscal Deficit (Rs 260.52 crore) decreased by 79.97% (Rs 1,040.42 crore) as compared to previous year (Rs 1,300.94 crore).
The Government was successful in maintaining Revenue Surplus as projected in the Fiscal Responsibility and Budget Management (FRBM) Act during the year and the Fiscal Deficit-GSDP ratio and Outstanding Debt-GSDP ratio were below the ceilings prescribed under the Act, it said.
Based on the result of examination of misclassification during post audit, the Revenue Surplus reduced from Rs 1,634.06 crore to Rs 1,524.82 crore and Fiscal Deficit would increase from Rs 260.52 crore to Rs 343.78 crore, it said.
The CAG recommended that the State Government needs to keep up the trend of Own Tax Revenue collection achieved during 2021-22 by focusing on other potential areas, apart from State Goods and Services Tax to have a sustained increase in Own Tax Revenue.
Nagaland Government needs continued efforts to achieve the projections on deficit and debt parameters, made in the Nagaland FRBM Act in the coming years, the CAG suggested.
(Page News Service)