Nagaland’s Revenue share likely to increase in Fiscal year 2022-23, Says CM Neiphiu Rio

Nagaland  Chief Minister, Neiphiu Rio on Tuesday stated that due to the country's economic growth, Nagaland's share of Central Taxes has been increased by Rs. 547.10 crore in the Revised Estimates of the Union Budget, and own revenues are likely to increase by Rs. 42.45 crores.

He stated this while presenting the 13th Nagaland Legislative Assembly's final budget for the fiscal year 2022-23 on Tuesday.

CM  Rio estimates that the fiscal year 2021-22 will end with a deficit of Rs. 2363.04 crore, compared to the earlier forecast of Rs. 2679.46 crore in the Budget Estimates.

"In terms of the Budget recommendations, gross receipts are estimated to be Rs. 24389.80 crores and gross spending is estimated to be Rs. 24239.50 crores for the fiscal year 2022-23." -he observed.

Rio went on to say that this year's trades will result in a positive balance of Rs. 150.30 crore in 2022-23.

However, due to a negative opening balance of R323 63.04 crore, the year 2022-23 is likely to end with a negative balance of Rs. 2212.74 crore, according to the CM.

Rio noted that the State has been dealing with COVID-19 for the past two years, and that despite the country's dire situation, the economy has improved significantly in the previous six months.

The country's GST receipts were Rs. 1,40,986 crore in January 2022, and our own revenues are also rising. 

As a result, the government will be able to set aside Rs. 775 crore for the State Development Outlay for the years 2022-23. 

This represents a 10.71 percent increase over previous year's budget.