Shillong, March 23: Meghalaya Chief Minister Conrad K. Sangma today presented a deficit budget of Rs 1,592 crore, which is around 3.42 percent of the GSDP for the fiscal year 2023-2024.
Presenting the budget during the ongoing Assembly budget session here on Thursday, Chief Minister said that the estimated total receipts will be Rs 21,781 crore, of which the revenue receipts are estimated at 19,414 crore and capital receipts at 2,366 crore.
He said that excluding borrowings of Rs 2,339 crore, the total receipts are estimated to be Rs 19,442 crore.
“On the expenditure side, I have estimated the total expenditure at Rs 22,022 crore, of which the revenue expenditure is estimated at 17,186 crore and capital expenditure at 4,836 crore. Excluding repayment of loans of 988 crore, the estimated total expenditure is 21,034 crore,” Sangm said.
Chief Minister further informed that the interest payments for 2023-24 are estimated at 1,169 crore and pension payments at 1,794 crore.
Further, Sangma informed that the State’s economy has been growing at an encouraging pace despite the massive disruptions caused by the pandemic. “Our growth rate for the period 2018-23 is at 6.75%,” he said.
“Importantly, the year-on-year growth rate for the next year is projected at 11.5 percent. Extrapolating this trend for the next 5 years, I expect the State’s economy to grow to about 80,000 crore by 2027-28 making Meghalaya a 10 Billion-dollar economy,” he informed.
According to him, the State’s own-tax and non-tax revenues have also been increasing steadily.
He informed that as per the revised estimates for the current financial year, our own-tax revenue will reach 2,636 crore.
“For 2023-24, I am estimating our own tax revenue to increase by about 22% to reach 3,205 crore. This includes 1,785 crore as GST, 792 crore as taxes on sales and trade and 413 crore as excise,” Chief Minister informed.
Sangma also informed that the State’s own non-tax revenue for the current financial year is expected to reach Rs 590 crore.
“This is an increase of 12.5% over the previous year’s collections of Rs 525 crore. For 2023-24, I am expecting the State’s own non-tax revenue to further increase by about 26% to reach Rs 742 crore,” he informed.
Chief Minister said that the estimated total expenditure for 2023-24 is at 22,022 crore adding that this comprises 17,186 crore of revenue expenditure and 4,836 crore of capital expenditure.
“I am pleased to announce that the projected outlay for 2023-2024 is witnessing an increase of 14 percent over the year 2022-2023 and 38.5 percent over the year 2021-2022,” Sangma informed.
He also said that in order to emphasize the centrality of the climate agenda, he was presenting a Climate Action Budget for the first time this year along with the budget estimates.
“The overall allocation towards climate action for 2023-24 is Rs 3,412 crore, which corresponds to about 15% of the State’s budget,” Chief Minister informed.
He further observed that Meghalaya’s ecology is fragile and the livelihoods of lakhs of people depend on nature.
Sangma said that accordingly, focusing on sustainability and building climate resilience are important components of the State’s growth strategy.
“We have operationalized the State Water Mission through which an integrated and coordinated approach to water management is being put in place. The State is currently implementing externally aided projects to the tune of ₹2,500 crore focusing on environmental sustainability, forest management and water harvesting,” Sangma informed.
In 2023-24, water harvesting structures at 300 locations costing about 250 crore will be initiated, he stated.
Chief Minister informed that a blue-print to comprehensively address the issues of traffic congestion in Shillong is ready and is being implemented.
Sangma informed that as an immediate measure, 30 buses have been procured at a cost of 10 crore under the ‘Shared School Bus System’.
“Additional interventions like improving of junctions, augmentation of parking, strengthening of public transport system and introduction of electric buses will be initiated in 2023-24. A world class Skywalk from Police Bazaar to Barik,” he stated.
Moreover, Chief Minister informed that the New Shillong City will be built as a futuristic and sustainable city.
According to him, it will be a hub for knowledge, creative, cultural and sports industries adding that the entire State Administration including the Secretariat and the Directorates will be moved to New Shillong.
“All urban amenities like water supply, roads, power, and mobility will be planned systematically. The process of preparation of master plans and DPRS has been initiated,” he informed.
Sangma also informed that they will set up express connectivity between Shillong and New Shillong to enable hassle free mobility.
“We plan to invest about 5,000 crore on this ambitious project over the next five years,” he said.