Editor,
We are all nonplussed by the political turn of events. Just four months ago preceding the Meghalaya Assembly elections, Banteidor Lyngdoh, the then cabinet minister and PDF president had declared on December 21, 2022 in a public function at Mawkynrew, East Khasi Hills District that he was offered Rs 5 crore to join NPP, but he had outrightly rejected the mouth-watering offer as he yearned to pursue a clean image in his political career and is committed to serving the people and not to crave for filthy lucre!
But lo and behold, now we hear that Banteidor Lyngdoh’s party the Peoples’ Democratic Front (PDF) would merge with the NPP, as confirmed by none other than the Deputy Chief Minister, Prestone Tynsong himself. The NPP is a party which Banteidor had squarely accused of being unprincipled by way of targeting the then NPP candidate D. Lamare of Nongkrem constituency and alleging, thus, “I have witnessed trucks carrying blankets in Nongkrem constituency for distribution among the people.” And in this context, I heard several people saying that perhaps Banteidor has been offered double the amount that was proffered to him four months ago, or he might have been assured of a cabinet berth in the unforeseeable future.
All said and done, politicians, not statesmen, will invariably be politicians and in parallel with this contention, the time tested phrase, ”Boys will be boys,” still holds water.
Yours etc.,
Jerome K Diengdoh
Shillong-2
Time to cut debts and outdated institutions
Editor,
Two news items, “CM seeks Centre’s support for $10bn economy dream” and “VPP renews vow to fight graft, misuse of power,” (ST April 29, 2023) made interesting reading. Data of the Reserve Bank of India indicates that the State’s economy has been growing at the rate of 8 to 9 percent annually in the last five years (2018-2022) despite the scar of the pandemic. The presentation of the Chief Minister of Meghalaya before the National Institution for Transforming India (NITI Aayog) is laudable for being practical based on recent developments in the economy. The target to double the GDP by 2030 to make it an Rs 80,000 crore or $10 bn economy is doable if the economy can grow at a rate of 10 to 11 percent annually. This can come about “by increasing government economic expenditure and wooing private investors by prioritizing trade, tourism, high value agriculture, building the knowledge economy and application of new technologies,” as the Chief Minister correctly emphasized at the NITI Aayog. He has rightly sought the support of the Government of India, keeping in mind the revenue of the State government which is just 20% of the funds made available by the Government of India in a federal structure. Meghalaya’s contribution to the total tax revenue of the country is only 0.3% whereas the new states of India like Chhattisgarh, Jharkhand and Uttarakhand contributed 2.3, 2 and 1.1 percent respectively to the national exchequer.
According to the data of the Reserve Bank of India for the last ten years it is apparent that the Debt-to-GDP ratio of the State is manageable compared with other states in India and the country itself. Though the Debt-to-GDP ratio is manageable, the State has to reduce its outstanding liabilities and internal debt. According to the RBI the Outstanding liabilities during 2013-2017 grew at an annual average rate of 15.17% and in the last five years (2018-2022) it grew at 9.78% annually. In 2014 it grew at 25.5% and in 2017 at 22.94%. In 2018 it grew 9.87% and in 2022 at 7.82 %. Similarly the Internal Debt during 2013-2017 grew at an annually average rate of 14% and during 2018-2022 it grew at 16%, up by two percentage points over the previous period. Internal Debt needs to be reduced and managed prudently with frugal measures in government expenditure. Investment demands borrowing if its resources are meagre but borrowing should be prudent and in consonance with a higher economic trajectory. Every government or for that matter an individual borrows and invests but it has to be ensured that such borrowings are invested like a business entity to build up the economy keeping in view the liabilities and internal debt. The resources so borrowed should be used frugally and ploughed back to hasten the process of economic development.
It is now time to dismantle the State Planning Board as it has outlived its ‘shelf life’ just as the Government of India dismantled the Planning Commission and brought about the NITI Aayog by a Resolution of the Government of India on 1st January, 2015. In an era of constant development change is imperative. As Mahatma Gandhi said, “Constant development is the law of life, and a man who always tries to maintain his dogmas in order to appear consistent drives himself into a false position.” In a changed economic scenario the world over I think the Chief Minister rightly emphasized the need for, “Meghalaya Institution for Transformation and Innovation,” in order to transform the manner in which a ‘Think Tank” works in transforming Meghalaya. The government over and above what the Chief Minister emphasized at the NITI Aayog should also invest more in the economic sectors and human development in the process of building a $10 billion economy by 2030.
Yours etc.,
V K Lyngdoh,
Via email