SHILLONG: Chief Minister Conrad K Sangma, on Wednesday, presented a Rs 2,029 crore deficit budget for the fiscal year 2024-25, representing approximately 3.83% of the Gross State Domestic Product (GSDP).
Outlining the financial roadmap in his budget speech, Sangma disclosed that the total receipts stand at Rs 27,072 crore, with revenue receipts pegged at Rs 23,515 crore and capital receipts at Rs 3,557 crore.
Excluding borrowings amounting to Rs 3,527 crore, the total receipts are estimated at Rs 23,545 crore.
Meanwhile, the projected total expenditure amounts to Rs 27,072 crore, with revenue expenditure estimated at Rs 19,653 crore and capital expenditure at Rs 7,419 crore.
Sangma, who also holds the Finance portfolio, highlighted that the estimated total expenditure, excluding loan repayments of Rs 1,498 crore, is Rs 25,574 crore.
He further elaborated that interest payments for the fiscal year 2024-25 are anticipated to reach Rs 1,236 crore, while pension payments are set at Rs 1,865 crore.
“I am, therefore, presenting the budget for 2024-25 with a fiscal deficit of Rs 2,029 crore, which is around 3.83% of the GSDP,” Sangma said.
Sangma highlighted the overarching vision of “Mission 10” to make Meghalaya a $10 billion economy by 2028.
“This initiative aims to propel Meghalaya towards a 10 billion US dollar economy by 2028, leveraging ten key opportunities and providing ten guarantees for equitable growth and development,” he said.
Sangma expressed confidence in Meghalaya’s potential to emerge as one of the top ten states in the country in terms of per capita GDP and Sustainable Development Goals (SDGs) by 2032.
“This is a commitment I made to Prime Minister, Shri Narendra Modi ji, a year ago. I reiterate the commitment today in this august House,” he said.
Allocations towards key sectors
- Education sector allocated Rs 3,539 crore for strengthening interventions and initiatives
- Health infrastructure allocated Rs 1,970 crore, including provisions for Meghalaya Health Insurance Scheme (MHIS)
- Rs 2,709 crore allocated for roads and buildings
- Rs 1,558 crore for power infrastructure
- Emphasis on revenue generation mechanisms, citing increased state tax revenues and non-tax revenues
