FY 2024-25 estimated to conclude with an accumulated deficit of Rs 905.78 crore

Kohima, 27 February (MTNews): Chief Minister Rio tabled the budget for the fiscal year 2024-25 today, outlining key financial projections for the state. According to his presentation, the Chief Minister estimates the gross receipts, or income, for the FY 2024-25 to amount to Rs. 23,978.05 crore, with gross expenditure, or spending, projected at Rs 23,727.88 crore.

Rio Nagaland Budget
Chief Minister and Minister In-charge Finance, Neiphiu Rio delivering the 2024-2025 Budget Speech at Assembly Secretariat, Kohima on 27th February 2024. (DIPR)

Highlighting improvements in financial performance, Chief Minister Rio noted that there has been a notable increase in receipts (income) compared to previous estimates. This improvement has led to a reduction in the estimated closing accumulated deficit, which has decreased from Rs 1,374.17 crore as initially projected in the Budget Estimates to Rs 885.95 crore as per the Revised Estimates.

However, despite this reduction in the accumulated deficit, Chief Minister Rio cautioned that the current year’s transactions are expected to result in a negative balance of Rs 19.83 crore.

Consequently, the fiscal year 2024-25 is estimated to conclude with an accumulated deficit of Rs. 905.78 crore.

The total estimated gross receipts (income) amount to Rs 23978.05 crore which is an increase as compared to the projection of Rs 15,783 crore. Meanwhile, the total estimated gross expenditure amounts to Rs. 23727.88 crore which was projected to be Rs 15,100 crore.

The detailed breakdown of the estimated gross receipts for FY 2023-24 are as follows:
State’s Own Tax and Non-Tax Revenue: This includes revenue generated by the state through taxes (such as sales tax, income tax) and non-tax sources (like fees, fines, and revenue from state-owned enterprises), amounting to Rs. 2250.05 crore.

State’s Share in Central Taxes: This represents the portion of central taxes (like income tax, GST) allocated to the state by the central government, totaling Rs. 6940.56 crore.

Central Assistance (Grants & Loans): This comprises financial aid provided by the central government to the state in the form of grants and loans, totaling Rs. 8880.11 crore.

Internal Debt (including WMA from RBI): This includes borrowings made by the state government, including loans from the Reserve Bank of India (RBI) under the Ways and Means Advances (WMA) scheme, amounting to Rs. 5905.82 crore.

Recovery of Loans and Advances by State Govt: This represents funds recovered by the state government from loans and advances previously disbursed, totaling Rs. 1.51 crore.

The detailed breakdown of the gross expenditure:
Non-Development Expenditure (excluding Servicing of Debt): This covers all operational expenses of the government, excluding payments related to debt servicing, totaling Rs. 12163.90 crore.
Servicing of Debt (including repayment of WMA): This includes payments made by the state government to service its debt obligations, including repayment of loans and interest, totaling Rs. 5611.87 crore.
Development Expenditure (including CSS etc): This encompasses expenses incurred by the government on developmental projects and schemes, including expenditures under Centrally Sponsored Schemes (CSS), amounting to Rs. 5952.11 crore.

 

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