State passing through unprecedented financial crisis, says Governor
Our Correspondent
Kohima I March 22
The budgetary deficit has skyrocketed by almost 75%, from Rs. 950 crore in 2014 to Rs. 1657.88 crore as on March 31, 2017, Nagaland Governor PB Acharya informed the Nagaland Legislative Assembly today.
The State is passing through unprecedented financial crisis, Acharya said in his customary address to the 13th NLA budget session, which today resumed after eight-day recess following its first session on March 13.
“Our budgetary deficit that stood at Rs. 950.09 crores on 31st March 2014 has skyrocketed to Rs. 1657.88 crores as on 31st March 2017- a jump of almost 75%,” he informed the Assembly.
The new People’s Democratic Alliance (PDA) Government headed by Nationalist Democratic Progressive Party (NDPP), which has assumed power towards the end of this financial year, has inherited a huge deficit, the Governor said.
Acharya said the figures at the end of March 2018 are likely to be higher.
Given the dire financial situation, he said the People’s Democratic Alliance (PDA) government has the challenge of bringing in fiscal prudence and discipline.
“We must also ensure that we are able to get our due share in taxes and fiscal grants from Government of India,” he added.
To the end, the Governor said that the PDA Government will focus on controlling control wasteful expenditure, misuse of funds.
Transparency, good governance will be prime focus of government, he asserted.
Incidentally, during the last budget, the then Chief Minister of Nagaland Dr. Shürhozelie Liezietsu, who also holds finance portfolio, presented the Nagaland State Budget with an estimated deficit of Rs. 1437.84 crores for the year 2017-18.
While the current year transaction was estimated to be positive at Rs. 220.04 crores, he told the Assembly that the financial year 2017-18 is estimated to close with a negative balance of Rs. 1437.84 crores, due to a negative opening balance of Rs. 1657.87 crores.
The figure must have increased since then. A clear picture of the budgetary deficits will be known when the Chief Minister Neiphiu Rio, who also holds the finance portfolio, presents the Budget for the fiscal 2018-19 on March 23.
