Rio presents tax-free, deficit budget

Kohima, Mar 24 (UNI) Nagaland Chief Minister Neiphiu Rio, who also holds the Finance portfolio, today presented a deficit budget of Rs 425.77 crores for the year 2000-2009, without any new tax proposal.

In his 32-minute Budget speech, Mr Rio said that the estimated gross receipts were Rs 4263.47 crores and the estimated gross expenditure was Rs 4232.62 crores, with a Public Account(Net) of Rs (-) 68.39 crores.

The current year's transaction is estimated to result in a negative balance of Rs 57.53 crores. However, due to the negative opening balance of Rs 368.24 crores, the year 2008-2009 is estimated to close with a negative balance of Rs 425.77 crores.

He said that he has proposed no new taxes for the coming year.

Furthermore, the revenue of the state, which was Rs 106.03 crores in 2002-2003 had been increased to Rs 210 crores in 2006-2007, which is a huge growth of about 98 per cent. He also informed that a Public Private Partnership(PPP) cell has been constituted in the Finance Department, which is presently working in the power, health and tourism sectors. It has also contributed to the state coffer.

Mr Rio also informed that the year 2008 has been declared as the "Year of Capacity Buildings" for the youth of Nagaland.

He said that young candidates will be selected on merit basis and they would be provided training on various vocational trades. After completition of their training, they would be provided funds by the concerned government departments or from the Chief Minister's Corpus Fund for self-employment.

UNI AS LL RD/KLC1543