SHILLONG: Meghalaya chief minister Conrad Sangma, on Wednesday (February 21), presented a budget for the fiscal year 2024-25, projecting a deficit of Rs 2029 crore, equivalent to approximately 3.83 percent of the Gross State Domestic Product (GSDP).
Sangma christened the budget as “Mission 10”, envisioning the transformation of Meghalaya into a 10 billion US dollar economy by 2028.
The total receipts are estimated at Rs 27,072 crore, with revenue receipts amounting to Rs 23,515 crore and capital receipts at Rs 3,557 crore.
Excluding borrowings of Rs 3527 crore, the total receipts are projected at Rs 23,545 crore.
Meanwhile, the estimated total expenditure stands at Rs 27,072 crore, comprising revenue expenditure of Rs 19,653 crore and capital expenditure of Rs 7419 crore.
Sangma, who also holds the portfolio of Meghalaya finance minister, highlighted that the estimated total expenditure, excluding loan repayments of Rs 1498 crore, amounts to Rs 25,574 crore.
He outlined that interest payments for the fiscal year 2024-25 are estimated at Rs 1236 crore, with pension payments at Rs 1865 crore.
Presenting the budget with a fiscal deficit of Rs 2029 crore, Sangma emphasized its significance as a blueprint for realizing the ‘Mission 10’ goal by 2028.
He stressed Meghalaya’s commitment to achieving ambitious targets, aiming to rank among the top ten states in per capita GDP and Sustainable Development Goal (SDG) attainment by 2032.
Sangma underscored the state’s aspiration to contribute to India’s economic vision, promising to enhance Meghalaya’s GDP to 10 billion US dollars by 2028.
The chief minister highlighted the positive trajectory of Meghalaya’s economic growth, citing a projected GSDP of Rs 52,973 crore for 2024-25, reflecting an encouraging annual growth rate of 11.4 percent.
He emphasized that these figures indicate progress towards achieving the 10 billion US dollar economy target.
Additionally, Sangma announced allocations for various sectors, including Rs 5271 crore for gender-sensitive initiatives, Rs 4501 crore for climate action, and Rs 2,853 crore for youth-centric programs.
Significant allocations were also made for education, health, infrastructure, power, agriculture, urban development, and drinking water sectors.
Sangma highlighted the importance of central transfers, anticipating an increase to Rs 18,168 crore for the fiscal year 2024-25, driven by India’s robust economic performance.
He noted that Meghalaya’s own tax revenue witnessed a notable increase of 23 percent over the previous year, reaching Rs 3262 crore.
The Meghalaya chief minister outlined measures to boost the state’s tax revenue, including the establishment of the State Economy Analysis Team and reforms in the excise department.
He projected the Meghalaya’s own tax revenue to reach Rs 4041 crore in 2024-25, with significant contributions from GST, sales and trade taxes, and excise duties.