Chief Minister Conrad K Sangma presented a deficit budget of Rs 1,150 crore for the fiscal year 2018-2019, which is around 3.32 per cent of the GSDP, during the Assembly budget session on Friday.
Presenting the budget he said that the total receipts has been estimated at Rs 14.104 core and capital receipts at Rs 1573 crore. He also informed that excluding borrowing, the total receipts are estimated to be Rs 12,554 crore.
On the expenditure side, Chief Minister informed that the total expenditure has been estimated at Rs 14,101 crore during 2018-2019, of which revenue expenditure is estimated at Rs 12,036 crore and the capital expenditure is estimated at Rs 2,065 crore.
“The estimated total expenditure is Rs 13,704 crore,” CM Conrad said while adding that the interest repayment during 2018-2019 is estimated at Rs 653 crore and pension payment at Rs 784 crore.
Informing that the State’s own revenue in 2017-2018 was Rs 513 crore, Chief Minister said that for 2018-2019, the State own tax revenue is estimated at Rs 1716 and State own non-tax revenue is estimated at Rs 538 crore.
Meanwhile, he informed that during the year 2016-2017, the Gross State Domestic Product (GSDP) at current market price was Rs 28,445 crore, as per the quick estimates, which shows an increase of 9.5 per cent over the previous years.
“The advance estimates indicate that the GSDP for 2017-2018 is Rs 31,290 crore, an increase of 10 per cent over 2016-2017,” he said, adding, “The per capita income of the State at current price for the year 2017-2018 stands at Rs 89,432 as per the advance estimates as against Rs 85,141 in the year 2016-2017 showing an increase of about 5.04 per cent,” Chief Minister said.
Sangma said that there is a scope for better collection in the coming years, in view of the major shift to the new tax regime of Goods and Services Tax.
He said the areas which need more focus and improvement will be identified and remedial steps will be taken. The Finance Minister also said more stress will be given on scrutiny and assessment of returns of dealers under relevant Acts which have not been subsumed under the new regime in order to unlock revenue held up due to pending proceedings, reports TNT.
Meghalaya has been hailed as one of the best in the implementation of the MGNREGA especially in the creation of sustainable and durable assets, said Chief Minister and Finance Minister Conrad K. Sangma while presenting the Budget.
He has proposed a development outlay of 1457.94 crore rupees in the community and rural development sector for the coming fiscal. Conrad Sangma said the programmes such as Pradhan Mantri Awaas Yojana- Gramin, Deen Dayal Upadhaya Gramin Kaushal Yojana of the Ministry of Tribal Affairs and state sector schemes like Special Rural Works Programme and chief minister’s special rural development fund and community development schemes will continue to be implemented during the year for uplifting the living standard of rural people.