Nagaland's GSDP sees significant growth, reaches Rs 35,933.96 Cr in 2022-23

Dimapur, Mar 21: 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, according to the State Accountant General's office, citing the CAG of India's report on the state's finances for the year 2022-23.

As per the report, the state's budget outlay expanded 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.

In 2022-23, Nagaland's GSDP increased by 12.60% from ₹31,912.54 crore in 2021-22 to Rs 35,933.96 crore.

The state recorded a revenue surplus of Rs 688.90 crore, representing 1.92% of the GSDP. However, the fiscal deficit stood at Rs 1,562.63 crore, accounting for 4.35% of the GSDP, while the primary surplus was Rs 569.40 crore, which was 1.58% of the GSDP.

During this period, the state's revenue receipts increased by Rs 648.12 crore (4.82%) from the previous year's Rs 13,451.14 crore. Tax revenue grew by Rs 160.80 crore (12.36%), while non-tax revenue surged by Rs 174.82 crore (57.59%). However, grants-in-aid from the Centre decreased by Rs 212.43 crore (3.05%), and the state's share of Union taxes and duties increased by Rs 524.92 crore (10.77%) over the previous year.

The state's revenue surplus de- creased 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 per cent) from Rs 11,437.41 crore in 2018-19 to Rs 14,099.26 crore in 2022-23 at a CAGR of 5.37 per cent.

The share of grants-in-aid in revenue receipts decreased from 57.21 per cent in 2018-19 to 47.94 per cent in 2022-23.

The release said revenue expenditure constituted an average of 86.79 per cent and ranged between 86.17 per cent in 2021-22 and 90.54 per cent in 2019-20 of the total expenditure during 2018-23. The percentage of revenue expenditure to total expenditure was 83.22 per cent and revenue expenditure to GSDP was 37.32 per cent during 2022-23.

During the five-year period of 2018-23, the borrowings were utilised for repayment of earlier borrowings, which ranged between 74.38 per cent in 2022- 23 and 89.30 per cent in 2018-19.

By

Bhadra Gogoi