Nagaland Chief Minister Neiphiu Rio revealed the fiscal blueprint for 2024-25, devoid of any tax hikes, alongside announcing a pioneering fully-funded universal life insurance scheme aimed at bolstering social welfare, on Tuesday.
Presenting the budget during the ongoing State Assembly session, Rio disclosed that gross receipts are anticipated to reach Rs 23,978.05 crore, with gross expenditures set at Rs 23,727.88 crore. He also serves as the Finance Minister.
Compared to the previous fiscal year’s figure of Rs 23,083.66 crore, the current budget estimate reflects an increase of Rs 644.22 crore, indicating a strategic fiscal trajectory.
Describing the budget as citizen-centric and tax-exempt, Rio underlined its overarching objective to foster the well-being of the populace.
A notable highlight of the budget entails the launch of a fully-funded universal life insurance scheme designed to alleviate financial distress in the event of the untimely demise of a household’s primary breadwinner. Dubbed the Chief Minister’s Universal Life Insurance Scheme, it will be financed entirely by the State Government.
Under this scheme, each household will receive life insurance coverage of Rs 2 lakh, complemented by accidental insurance coverage of Rs 2 lakh for the breadwinner and up to three additional family members, Rio elaborated.
The accidental insurance component encompasses coverage for disabilities and fatalities. In case of accidental demise, beneficiaries are entitled to Rs 2 lakh each, with additional provisions for total and irrecoverable loss of both eyes and limbs, or partial loss thereof.
This comprehensive scheme extends coverage to every household in Nagaland, with a designated allocation of Rs 15 crore earmarked to cover premium costs, stressed Rio.
Furthermore, the budget allocates a substantial increase in the Local Area Development Fund or LADF, raising it to Rs 2 crore per constituency from the previous Rs 1 crore, aimed at fostering grassroots development initiatives.
In his address, Rio underscored the paramount significance of addressing the concerns of Eastern Nagaland, earmarking Rs 180 crore under the PM DevINE initiative to address the developmental needs of these regions, reaffirming the government’s commitment to equitable growth and development across the State.
