Meghalaya: Conrad K Sangma Tables Rs 1,592 Cr Deficit Budget, Aims To Make State A Billion Dollar Economy

SHILLONG: Meghalaya Chief Minister Conrad K Sangma on Thursday tabled a Rs 1,592 crore deficit budget for fiscal year 2023-24, while proposing no new taxes.

Surprisingly, Sangma stressed that efforts will be made to make Meghalaya a 'billion-dollar' economy.

The estimated GSDP for the FY 2023-2024 was pegged by the Chief Minister at Rs 46,600 crore, with an expected growth rate of 11.5 per cent.

The fiscal deficit is Rs 41,779 crore for the current financial year or 3.42% of the state's GSDP, Sangma said.

Sangma, while presenting the state Budget in the Assembly, said the estimated receipt is about Rs 21,781 crore, of which revenue is likely to be Rs 19,414 crore, excluding the borrowings of Rs 2,339 crore.

He pegged the total expenditure at an expected Rs 22,022 crore, an increase of over Rs 3,140 crore, which excluded loan repayments of Rs 988 crore.

Among the estimated expenditure, Rs 1,169 crore is included in repayment of interests and Rs 1,794 crore in pension payments.

To sum it up, Sangma said, "I am therefore presenting a budget of 2023-24 with a fiscal deficit of Rs 1,592 crore, which is around 3.42 per cent of the GSDP."

Calculating that the government's expenditure has more than doubled from Rs 9,528 crore in 2017-18 to Rs 20,729 in 2022-23, the chief minister said the cumulative funding from externally aided projects has also increased from Rs 2,300 crore in 2018 to over Rs 10,600 crore in 2023.

Sangma promised that his government will bring in policies and programs which are calculated to double the GSDP to Rs 80,000 crore in the next five years and that efforts will be made Meghalaya a 'billion-dollar' economy.

By focusing on horticulture, livestock, fisheries and sericulture, Sangma also informed the House that the government aims to double the income of approximately six lakh farmers.

The chief minister also informed the House that the size of the scheme for special assistance to states by the Union Finance Ministry has been enhanced for capital investment to spur further investment in the state’s infrastructure.

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