Nagaland Budget 2024-25: A Lifeline for Families with Universal Life Insurance Scheme

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Kohima, February 27: Nagaland Chief Minister Neiphiu Rio presented a progressive and people-centric budget for the financial year 2024-25, prioritizing the welfare of the state's citizens without proposing any tax hikes. The budget, presented on the second day of the ongoing State Assembly session, outlined significant measures aimed at mitigating financial hardships and fostering economic growth.

Fully-Funded Universal Life Insurance Scheme

In a landmark move, the state government announced the introduction of a fully-funded universal life insurance scheme, titled the Chief Ministers Universal Life Insurance Scheme. This scheme aims to provide financial assistance to families in the unfortunate event of the untimely demise of the breadwinner. The state government will fully fund the scheme, ensuring that every household in Nagaland is covered.

Under this scheme, a life insurance coverage of Rs 2 lakh will be provided to the breadwinner, along with an additional accidental insurance coverage of Rs 2 lakh each for the breadwinner and three other family members. The accidental insurance component covers both disability and death, with varying sum insured amounts based on the severity of the accident.

Enhanced Local Area Development Fund Allocation

To further empower local communities, the Local Area Development Fund (LADF) allocation has been substantially increased from Rs 1 crore to Rs 2 crore for each constituency. This enhanced allocation will enable local representatives to undertake more development projects and address the specific needs of their respective areas.

Addressing Eastern Nagaland Concerns

Recognizing the importance of addressing the concerns of the people of Eastern Nagaland, the budget allocated Rs 180 crore under the PM DevINE scheme for the development of the region. The state government remains committed to working closely with the central government to find suitable solutions to the grievances of the Eastern Nagaland people.

Free Movement Regime Suspension

Expressing deep concern over the Union government's decision to suspend the Free Movement Regime (FMR) along the international border with Myanmar, Chief Minister Rio emphasized the importance of comprehensive consultations and reconsideration of this decision. The suspension of FMR poses challenges to the harmonious social life of border communities and restricts interactions with loved ones across the border.

Naga Political Issue

Acknowledging the ongoing Naga political issue, Chief Minister Rio highlighted the state government's role as an active facilitator in the peace talks. Despite broad-based consultative meetings and resolutions passed by the State Assembly, a conclusive outcome remains elusive. Rio urged all parties involved, including the Union government and Naga political groups, to work towards an honorable, acceptable, and inclusive solution at the earliest.

Investment Promotion and Facilitation

Recognizing the importance of investment for economic growth, the budget emphasized the role of the Investment & Development Authority of Nagaland (IDAN) in promoting and facilitating investment in the state. The government aims to overcome bottlenecks and attract investments to drive economic development.

Budget Discussion and Approval

NLA Speaker Sharingain Longkumer announced that the budget discussion will take place on Thursday, followed by consideration and passing of the budget on Friday.

Nagaland's 2024-25 budget reflects the state government's commitment to the welfare of its citizens, addressing key concerns such as financial security, infrastructure development, and the Naga political issue. The fully-funded universal life insurance scheme, enhanced LADF allocation, and focus on investment promotion are commendable steps towards ensuring a secure and prosperous future for the people of Nagaland.