Chief Minister of Nagaland, Neiphiu Rio who is also holding the Finance portfolio presenting his budget for 2011-12 at the ninth Session of the Eleventh Nagaland Legislative Assembly at Assembly Hall on 24th March 2011. (DIPR)
Kohima | March 24 : Chief Minister Neiphiu Rio, who also holds the Finance portfolio, today presented Budget 2011-2012 with an estimated deficit of Rs.602.30 crore. He has described the budget as a people-friendly and a balanced budget targeting the people with highest allocation going to the social sector. Presenting a full budget, Rio said the current transaction of the coming year 2011-12 is estimated to result in a negative balance of Rs.0.86 crore. However, because of the estimated negative opening balance of Rs.601.44 crore, the year 2011-12 is expected to close with a negative balance of Rs.602.30 crore.
As per the figures, the total receipts total Rs.6868.76 crore and expenditures amount to a total of Rs.6856.32 crore while the public account (net) stands at -13.30 and the current transactions at -0.86.
Briefing the Press after presenting the Budget, Rio said the budget is balanced and targeting the people with the lion’s share going to the social sector.
Elaborating further, he said social services including education, urban development and social welfare was allotted Rs.404.59 crore (or 24.52%) while agri and allied (including irrigation) got Rs.355.18 crore (or 21.53%). Other sectors in the reckoning list include general economic services (including planning machinery) at Rs.326.63 crore (or 19.80%); special area programme (including LADP, DUDA and BADP) at Rs.118.50 crore (or 7.18%); transport (including R&B) at Rs.117.33 crore (or 7.11%); rural development at Rs.68.54 (or 4.15%); energy at Rs.62.87 crore (or 3.81%); industries and minerals at Rs.33.90 crore (or 2.05%); and others at Rs.162.46 crore (or 9.85%).
He also explained that as the State Plan Outlay for 2011-12 is yet to be finalized, the budget proposals contain estimated plan outlay of R.1650 crore against the current year’s plan outlay in line with the suggestion of the Planning Commission.
On the Union Finance Minister’s budget wherein he had provided Rs.5400 crore as untied SPA for special category states, he assured that as and when the actual plan outlay for 2011-12 is obtained, the same will be duly allocated to the departments while also assuring that the details along with the works programme will be placed before the House at the earliest possible time.
The Chief Minister also informed that the government has cut down on its borrowings and that all its borrowings are being done with the approval of the Centre. On the upward revision of Value Added Tax (VAT), he assured that it will not weigh heavily on the common man. He proposed increase in the VAT in almost all categories of taxable goods to garner an additional revenue of Rs 15 crore during 2011-12.Under the revised VAT regime, the rate has been raised from 4 to 4.75 per cent on certain category of items while it has been hiked from 12 to 13.25 per cent on other category of taxable items. The chief minister also proposed application and processing fees on purchase of guns and renewal of licenses with an aim to discourage firearm purchase by the Nagas.
Meanwhile, expressing satisfaction with the budget, he took a dig at his critics who, he said, had expected the deficit to come to the figure of a thousand-plus crores and that the critics should congratulate him for managing to present only a deficit of Rs.602.30 crore.
As per the figures, the total receipts total Rs.6868.76 crore and expenditures amount to a total of Rs.6856.32 crore while the public account (net) stands at -13.30 and the current transactions at -0.86.
Briefing the Press after presenting the Budget, Rio said the budget is balanced and targeting the people with the lion’s share going to the social sector.
Elaborating further, he said social services including education, urban development and social welfare was allotted Rs.404.59 crore (or 24.52%) while agri and allied (including irrigation) got Rs.355.18 crore (or 21.53%). Other sectors in the reckoning list include general economic services (including planning machinery) at Rs.326.63 crore (or 19.80%); special area programme (including LADP, DUDA and BADP) at Rs.118.50 crore (or 7.18%); transport (including R&B) at Rs.117.33 crore (or 7.11%); rural development at Rs.68.54 (or 4.15%); energy at Rs.62.87 crore (or 3.81%); industries and minerals at Rs.33.90 crore (or 2.05%); and others at Rs.162.46 crore (or 9.85%).
He also explained that as the State Plan Outlay for 2011-12 is yet to be finalized, the budget proposals contain estimated plan outlay of R.1650 crore against the current year’s plan outlay in line with the suggestion of the Planning Commission.
On the Union Finance Minister’s budget wherein he had provided Rs.5400 crore as untied SPA for special category states, he assured that as and when the actual plan outlay for 2011-12 is obtained, the same will be duly allocated to the departments while also assuring that the details along with the works programme will be placed before the House at the earliest possible time.
The Chief Minister also informed that the government has cut down on its borrowings and that all its borrowings are being done with the approval of the Centre. On the upward revision of Value Added Tax (VAT), he assured that it will not weigh heavily on the common man. He proposed increase in the VAT in almost all categories of taxable goods to garner an additional revenue of Rs 15 crore during 2011-12.Under the revised VAT regime, the rate has been raised from 4 to 4.75 per cent on certain category of items while it has been hiked from 12 to 13.25 per cent on other category of taxable items. The chief minister also proposed application and processing fees on purchase of guns and renewal of licenses with an aim to discourage firearm purchase by the Nagas.
Meanwhile, expressing satisfaction with the budget, he took a dig at his critics who, he said, had expected the deficit to come to the figure of a thousand-plus crores and that the critics should congratulate him for managing to present only a deficit of Rs.602.30 crore.
