Kohima, February 27: Nagaland Chief Minister Neiphiu Rio who also holds the charge of Finance Minister, presented the budget for the financial year 2024-2025 on the second day of the ongoing fourth session of the 14th Nagaland Legislative Assembly on Tuesday.

Presenting the budget to the House, Neiphiu Rio said, "The estimated gross receipts at Rs 23978.05 crore, and gross expenditure at Rs 23727.88 crore for the financial year 2024-25" were estimated and he added that due to improvements in receipts, the state's closing accumulated deficit has reduced from the estimated closing amount of Rs 1374.17 crore in the Budget Estimates to Rs 885.95 crore in the Revised Estimates. Union Budget 2024-25 Key Takeaways: From Tourism to Income Tax and More, Highlights of Nirmala Sitharaman's Interim Budget Speech.

Rio also added that, however, since the current year's transactions are estimated to result in a negative balance of Rs 19.83 crore, the year 2024-25 is estimated to close with an accumulated deficit of Rs. 905.78 crore. In addition to new schemes, Chief Minister Neiphiu Rio announced the Chief Minister's Universal Life Insurance Schemes to provide life insurance coverage of Rs 2 lakh on the demise of the breadwinner due to any cause (the untimely demise of a family's breadwinner deeply impacts the socio-economic condition of the family). Union Budget 2024-25: Indian Economy Witnessed Profound Positive Transformation in Last 10 Years, Says FM Nirmala Sitharaman (Watch Video).

In addition, Rio said that accidental insurance coverage of Rs. 2 lakh each will also be provided for the breadwinner and three other family members. The accidental insurance component covers both disability and death. In case of accidental death, the sum insured is Rs 2 lakh per beneficiary; 2 lakh in case of total and irrecoverable loss of both eyes or loss of use of both hands or feet; and 1 lakh for total and irrecoverable loss of sight of one eye or loss of use of one hand or foot. This scheme will cover every household in Nagaland. A provision of Rs 15 crore has been provided to pay the cost of a premium. Rio also announced funds allocated to various departments for the years 2024-2025.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)