Shillong: Meghalaya Chief Minister Conrad K Sangma on Wednesday presented a Rs. 1,970 crore deficit budget for the financial year 2025-26, proposing a Rs. 6,000 annual scholarship for all post-matric students in the state.
The deficit, amounting to 2.96% of the projected Rs. 66,645 crore GSDP, aligns with Meghalaya’s goal to achieve a $10 billion economy by 2028.
The budget estimates total receipts at Rs. 30,415 crore, including Rs. 25,591 crore in revenue receipts and Rs. 14,324 crore in capital receipts.
After excluding borrowings of Rs. 24,788 crore, net receipts stand at Rs. 25,627 crore.
Sangma pegged the total expenditure at Rs. 30,003 crore, comprising Rs. 20,556 crore in revenue expenditure and Rs. 9,447 crore in capital expenditure.
Excluding loan repayments of Rs. 2,406 crore, net expenditure is estimated at Rs. 27,597 crore.
For the current fiscal year, the state projects interest payments of Rs. 1,347 crore and pension payouts of Rs. 1,824 crore.
“I am presenting the 2025-26 budget with a fiscal deficit of Rs. 1,970 crore, which is within the permissible limit of 3.5% of GSDP,” Sangma told the Assembly.
The Rs. 6,000 scholarship for post-matric students is expected to benefit over 80,000 youths starting next fiscal year.
Additionally, he highlighted significant allocations in key areas: Rs. 5,421 crore for the climate budget (a 20% increase over 2024-25), Rs. 3,329 crore for the youth budget (up 16.6%), and Rs. 6,219 crore for the gender budget (up 25%).
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The Union Ministry of Statistics and Programme Implementation approved Meghalaya’s GSDP for 2023-24 at Rs. 53,057 crore.
The projected GSDP for 2025-26 is pegged at Rs. 66,645 crore, reflecting an annual growth rate of 12.7%.
Sangma noted a substantial increase in the state’s own tax revenue, which rose to Rs. 4,041 crore in 2023-24, nearly tripling from Rs. 1,450 crore in 2017-18.
The chief minister expressed confidence in achieving the state’s 2028 economic goals while maintaining fiscal discipline.
