Rio present surplus budget for Nagaland

Kohima, Mar 20 (UNI) Nagaland Chief Minister Neiphiu Rio, who also holds the finance portfolio, today presented a surplus budget of Rs 125 crore for the year 2006-2007, without any new tax proposal.

In his budget speech, Mr Rio said the estimated gross receipts stood at Rs 3,599.61 crore and the estimated gross expenditure at Rs 3,473.83 crore, leaving a surplus of Rs 125.78 crore.

He said the current year's transaction was estimated to result in a positive balance of Rs 98.78 crore. However, because of the estimated negative opening balance of Rs 263.50 crores, the year 2006-07 is estimated to close with a negative balance of Rs 164.72 crore.

''I do not propose to introduce any new taxes, but would emphasise on better realisation of revenue by means of expanding the area of operation and by plugging leakages,'' he added.

Mr Rio claimed that through sound financial management, the flow of funds to executing departments has been made more systematic.

This has significantly improved execution of schemes, utilisation of funds and avoided errors arising from hurried expenditure towards the end of the financial year.

The state has not gone into overdraft even for a single day last year and the good fiscal management of the state has been appreciated by the Governor of the Reserve bank of India during his visit to the state in November last year.

Talking to newpersons, Mr Rio said the budget was a 'people-friendly' one and said emphasis would be given to the social, Agri and allied sectors.

He expected revenue to be generated from lottery, power and newly introduced VAT. He said the government was also contemplating exploiting the petroleum reserves of the state for which negotiations were on with a foreign firm to explore petroleum products.

Replying to a question, Mr Rio said the state had vast reserves of minerals and the state government was contemplating handing over the extraction work to some private party due to lack of funds.

UNI AS SP LR VC1658