State’s economy improving: CM

SHILLONG: Chief Minister, Conrad Sangma has asserted that there are some indications of green shoots in the economy which has been crippled by the COVID-19 pandemic.
Sangma, who also holds the charge of Finance department, is of the view that an over 40 per cent increase in GST collections in October indicates that there is some improvement in the economy of the state.
Reacting to queries, Sangma said that an amount of Rs 90.27 crore was collected so far this fiscal, which is greater than last year when Rs 64.34 crore was collected during the same period.
He further stated that the increase in GST collections shows that demand is growing in the country and normalcy is returning.
“This is a positive sign for the state and we need to ensure that the trend continues to pave way for significant recoveries in future,” the chief minister said.
Meghalaya along with Assam and Tripura are due to receive GST compensation cess shortfall under a special borrowing window from the Union Finance Ministry.
The Centre, earlier this week, released an amount of Rs 6,000 crore as second tranche of GST compensation cess shortfall to states.