Kohima, Mar 22 (PTI) Nagaland Chief Minister Neiphiu Rio on Tuesday presented a Rs 2,212.74-crore deficit budget for 2022-23 fiscal in the assembly, without proposing any new tax while emphasising on austerity measures to reduce expenditure.

Rio, also holds the finance portfolio, estimated gross receipts at Rs 24,389.80 crore and the total expenditure at Rs 24,239.50 crore for the financial year 2022-23 (FY 23).

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The transactions for FY 23 are projected to have a positive balance of Rs 150.30 crore, but because of the negative opening balance of Rs 2,363.04 crore, a deficit of Rs 2,212.74 crore is estimated, he said.

During the current fiscal (2021-22), the state's share of central taxes has been increased in the revised estimates of the Union Budget by Rs 547.10 crore, the CM said.

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The state's own revenues are also expected to improve by Rs 42.45 crore, he said.

In view of these improvements, the financial year 2021-22 is estimated to close with a deficit of Rs 2,363.04 crore as against the earlier projection of Rs 2,679.46 crore in the budget estimates, he said.

Despite such improvements, the state is still struggling with the negative impact of losses in the share of central taxes and duties incurred during the last two years, Rio said.

He also stated that his government has adopted austerity measures by cutting down 20 per cent of the revenue expenditure.

The government also decided to defer recruitment to fill vacancies and freeze vehicle purchases for officials, he said.

The state developmental outlay of Rs 775 crore will be deployed to complete ongoing projects and initiatives having a multiplier effect in creating livelihoods and promoting local economies, he said.

During FY23, the government will introduce the "Chief Minister's Micro Finance Initiative" to provide affordable credit to farmers, self-help groups and farmer-producer organisations for various identified activities in the agriculture and allied sectors.

This initiative has the potential of reducing interest rates to below three per cent, especially when dovetailed with central schemes that also have a facility for interest subvention for timely payment, he said.

Another initiative is the "Chief Minister's Health Insurance Scheme" to provide coverage up to Rs 5 lakh per annum per family, irrespective of income.

The programme will provide cashless service, covering various secondary and tertiary care procedures through empanelled hospitals.

The chief minister did not propose any new tax for the next fiscal.

Rio also announced introduction of the Target Champion Scheme (TACS) as a talent-spotting programme.

A centre of excellence in the state capital has also been proposed to promote art, innovation and creativity.

Steps will be taken to promote brand Nagaland among international travellers in a bigger way to boost the tourism sector, he said.

Rio also mentioned that the state government is also taking up hydro and solar projects to increase the power generation capacity, he said. PTI NBS

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