Rio presents Rs 1630.67 cr deficit budget

Rio presents Rs 1630.67 cr deficit budget
+100%-

No new tax and revenue policy announced

Kohima, March 23: Without announcing any new tax and also no new policies for enhancement of the State’s revenue, Nagaland Chief Minister Rio today presented a Rs 1630.67 crore deficit budget for the fiscal 2018-19.
Presenting the budget, Rio, who also holds the finance portfolio, estimated the gross receipts for the new fiscal at Rs 18,232.51 crore and expenditure at Rs 18305.40 crore.
The broad item-wise statement of the estimated receipt is: State’s Own Tax and Non-Tax Revenue – Rs 988.01 crore, State’s Share in Central Taxes – Rs 3777.86 crore, Central Assistance (Grants and Loans) – Rs 7820.86 crore, Internal Debt (including WMA from RBI) – Rs 5642.87 crore and Recovery of Loans and Advances – Rs 2.91 crore.
The expenditure heads are: Non-Development Expenditure (excluding Servicing of Debt) – Rs 7841.42 crore, Service of Debt (including repayment of WMA) – Rs 5911.62 crore and Plan Expenditure (including CSS) – Rs 4552.36 crore.
Rio, said this would result in a deficit of Rs 72.89 crore but deduction of public account of Rs 49.95 crore, which is kept for payment of GPF and pension to the Government employees, the deficit for 2018-19 is expected to result in negative balance of Rs 22.94 crore. He said the implementation of the 7 RoP 2017 as the main reason for the negative balance which will have a huge additional burden.
However, with the negative opening balance of Rs 1607.73 crore, the year will close with a deficit of Rs 1630.67 crore, he said.
Stating that there are many developmental activities to be taken and although the need is huge, Rio said due resource constraints, the Government has set aside Rs 580 crores including Negotiated Loan of Rs 100 crores to be allocated to various departments for taking up development works and other welfare schemes such as LADP and CMCF.
He, however, said that the Government is projecting another Rs 405 crore, including Rs 180 for NEC, Rs 110 crore for Non-Lapsable Central Pool of Resources and Rs 115 crores for Externally Aided Projects, for developmental activities.
The Government is also expecting a development expenditure of Rs 3567.36 crores for Centrally Sponsored Schemes, Rio said.
Highlighting the initiatives of the PDA government towards running the affairs of the State, Rio announced various schemes to uplift the Agri and allied sector, rural development, industries and commerce, information technology.
He said that an amount of Rs 2 crore will be kept aside for capacity building exercises for the tourism and related industry and conduct of tourism centric seminars, training of tour operators.
Expressing that an important aspect of good governance is redressal of public concerns and grievances, Rio said the government will set up a public grievances cell that can be reached by all citizens of the State in a smooth and easy manner.
He reiterated that one of the first priorities of the government would be start the repair and maintenance of roads in the State capital and district headquarters within 60 days, for which an amount of 50 crore rupees has been earmarked.
The CM informed the House that in order to ensure successful implementation of the Government’s policies, programmes and projects, a central monitoring mechanism in the form of a Project Management Board will be set up.
Rio also presented the supplementary demands for grants for the year 2017-18. He also tabled the review of trends in receipts and expenditure for the first, second and third quarter of the financial year 2018-19.
Speaker Vikho-o Yhoshu informed that discussions and passing of the general budget would be taken up on Monday.
(Page News Service)