Kohima, 27 February (MTNews): Chief Minister of Nagaland and Minister-in-Charge of Finance, Neiphiu Rio, addressed the media after presenting the budget for the year 2024-2025 at NLA Secretariat on 27 February 2024.
He described the budget as ‘people-centric’ due to the inclusion of many new initiatives for the welfare of the people. He mentioned that the revenue has significantly increased in the budget due to the implementation of GST.
Regarding Oil and Natural Gas, he stated that exploration will take 4 to 5 years and incur significant costs. However, he also mentioned that the Government of India will come forward for assistance once the exploration is started.
The budget, which prioritizes infrastructure development, investment promotion, entrepreneurship development, and local economic rejuvenation, also introduces a landmark welfare measure—the Chief Minister’s Universal Life Insurance Scheme, to be fully funded by the State Government. This scheme is a testament to the State’s continued commitment to ensuring the financial security and protection of its citizens, complementing the Chief Minister’s Insurance Scheme introduced in the previous budget.
The CM’s Universal Life Insurance Scheme is designed to mitigate the profound impact that the untimely death of a family’s breadwinner can have on the education, health, and socio-economic development of the family.
The scheme will provide life insurance coverage for the breadwinner of the family and accidental insurance coverage for three other members of every family in the State.