1. Neiphiu Rio, the Chief Minister of Nagaland, presented the 2024-25 Budget during the State Assembly session, introducing various welfare measures.
2. The budget outlines gross receipts of Rs 23,978.05 crore and gross expenditures of Rs 23,727.88 crore, reflecting a significant increase from the previous fiscal year.
3. Rio’s budget proposal includes a fully-funded universal life insurance scheme aimed at supporting families in times of financial hardship due to the loss of a breadwinner.
Kohima, Feb 28:Â Nagaland Chief Minister Neiphiu Rio unveiled the Budget for 2024-25 during the ongoing State Assembly session, announcing a slew of welfare measures without proposing any tax hikes.
The budget forecasts gross receipts at Rs 23,978.05 crore and gross expenditures at Rs 23,727.88 crore, representing a Rs 644.22 crore increase from the previous fiscal year’s estimate of Rs 23,083.66 crore.
Describing the budget as people-centric and tax-free, Rio underscored its focus on general welfare. A key highlight was the introduction of a fully-funded universal life insurance scheme aimed at alleviating financial distress in the event of the breadwinner’s untimely demise.
Under the Chief Minister’s Universal Life Insurance Scheme, the state government will fully fund life insurance coverage of Rs 2 lakh, along with accidental insurance coverage of Rs 2 lakh each for the breadwinner and three other family members.
This coverage encompasses both disability and death, providing financial support in various scenarios.
In case of accidental death, beneficiaries receive Rs 2 lakh, while total and irrecoverable loss of both eyes or loss of use of both hands or feet entails a Rs 2 lakh payout.
Additionally, total and irrecoverable loss of sight of one eye or loss of use of one hand or foot warrants Rs 1 lakh.
The scheme aims to extend coverage to every household in Nagaland, with a Rs 15 crore provision earmarked for premium payments.
Furthermore, the budget allocates Rs 2 crore to the Local Area Development Fund (LADF) for each constituency, doubling the previous allocation of Rs 1 crore.
This move aims to bolster capital infrastructure development across the state.
Also Read: Former TIPRA Motha Chief Pradyot Manikya Hastens to Delhi Following Central Government’s Summons Amid Hunger Strike
Recognizing the significance of addressing issues in Eastern Nagaland, Rio highlighted a Rs 180 crore allocation under the PM DevINE initiative for the region’s development.
Rio emphasized the importance of continuously augmenting resources for capital infrastructure development, outlining ongoing efforts in various revenue sectors to achieve this goal.
