Meghalaya’s economy is projected to grow at 11.5% to ₹46,600 crore over the next year and double to ₹80,000 crore by 2027-28 making it a $10 billion economy, chief minister Conrad K Sangma said on Thursday as he presented the state budget in the assembly.
Sangma said the 2023-24 budget would have a fiscal deficit of ₹ 1,592 crore, about 3.42% of the gross state domestic product (GSDP).
The total receipts are estimated to be ₹21,781 crore, of which the revenue receipts are estimated at ₹19,414 crore and capital receipts at ₹2,366 crore. Excluding borrowings of ₹2,339 crore, the total receipts are estimated to be at ₹19,442 crore, Sangma, who retained the finance portfolio said in his speech.
He added that the total expenditure is estimated at ₹22,022 crore, of which the revenue expenditure is estimated at ₹17,186 crore and capital expenditure at ₹4,836 crore.
The total expenditure stands at ₹21,034 crore excluding repayment of loans of ₹988 crore, and interest payments for 2023-24 are estimated to be ₹1,169 crore and pension payments at ₹1,794 crore, he said in his budget speech.
He reiterated his promise to make Meghalaya among the top 10 states of the country by 2032, when the state will celebrate its diamond jubilee of statehood. “The goal is to be amongst the top 10 states in terms of per capita GDP and achievement of Sustainable Development Goals. Together, we will strive to build a prosperous and a happy Meghalaya,” he said.
On the core development vision of the MDA 2.0 government over the next five years, Sangma promised to introduce policies that will double the gross state domestic product to ₹80,000 crore. “The effort will be to increase both government expenditure and private investments through prioritizing trade, tourism, high-value agriculture and building a knowledge economy,” he said.
The government will also strive to double farmers’ income for the approximately 6 lakh rural households, achieve nearly zero infant and maternal mortality by ensuring 100% institutional delivery, ensure every child gets the opportunities to reach their full potential and create 5 lakh employment opportunities for the youth with a special focus on agri and allied sectors, knowledge and digital services, entrepreneurship and tourism, the chief minister said.
