Dimapur: Nagaland’s Gross State Domestic Product (GSDP) at current prices grew from Rs 26,527.42 crore in 2018-19 to Rs 35,933.96 crore in 2022-23, the state accountant general’s office said in a release on Thursday, quoting the CAG of India report on the state finances of Nagaland for the year 2022-23.
As per the report, the budget outlay of the state grew at a compound annual growth rate (CAGR) of 6.26% from Rs 20,469.97 crore in 2018-19 to Rs 26,092.48 crore in 2022-23.
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It said during 2022-23, the GSDP of Nagaland increased by 12.60% from Rs 31,912.54 crore in 2021-22 to Rs 35,933.96 crore in 2022-23. The state had a revenue surplus of Rs 688.90 crore which was 1.92% of GSDP.
The fiscal deficit was Rs 1,562.63 crore during 2022-23, which was 4.35% of GSDP, and primary surplus was Rs 569.40 crore, which was 1.58% of GSDP.
During the period, the state’s revenue receipts increased by Rs 648.12 crore (4.82%) from the previous year’s Rs 13,451.14 crore. The state’s own tax revenue increased by Rs 160.80 crore (12.36%), non-tax revenue increased by Rs 174.82 crore (57.59%), grants-in?aid from the Centre decreased by Rs 212.43 crore (3.05%) and state’s share of union taxes and duties increased by Rs 524.92 crore (10.77%) respectively over the previous year.
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The state’s revenue surplus decreased from Rs 1,634.06 crore in 2021-22 to Rs 688.90 crore in 2022?23, while revenue Receipts increased by Rs 2,661.85 crore (23.27%) from Rs 11,437.41 crore in 2018-19 to Rs 14,099.26 crore in 2022-23 at a CAGR of 5.37%.
The share of grants-in-aid in revenue receipts decreased from 57.21% in 2018?19 to 47.94% in 2022-23.
The release said revenue expenditure constituted on an average 86.79% and ranged between 86.17% in 2021-22 and 90.54% in 2019-20 of the total expenditure during the period 2018-23. The percentage of revenue expenditure to total expenditure was 83.22% and revenue expenditure to GSDP was 37.32% during 2022-23.
The capital expenditure of Rs 2,704.22 crore increased by Rs 810.37 crore (42.79%) during 2022-23 compared to the previous year’s Rs 1,893.85 crore.
During the five-year period of 2018-23, the borrowings were utilised for repayment of earlier borrowings which ranged between 74.38% in 2022-23 and 89.30% in 2018-19.