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Deficit budget passed
Published on 14 Jul. 2009 1:29 AM IST
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The Nagaland Legislative Assembly on Monday passed the annual budget for 2009-2010 of Rs 494.23 crores deficit by voice vote. On July 7, State chief minister, Neiphiu Rio presented Rs 494.23 crores deficit budget for the year 2009-2010 with no new tax proposal. The chief minister said that the current year’s transaction was estimated to result in a deficit of Rs. 22.92 crores. However, because of the estimate negative opening balance of Rs. 471.31 crore, the year 2009-10 was estimated to close with a negative balance of Rs. 494.23 crore. (Correspondent)

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