Meghalaya Chief Minister Conrad K Sangma unveiled Rs 2,029 crore-deficit budget for the fiscal year 2024-25, marking the commencement of Mission 10, an ambitious initiative aimed at propelling the Northeastern State towards becoming a $10 billion economy by 2028.
In his comprehensive budget address, CM Sangma, who also holds the finance portfolio, disclosed the total receipts amounted to Rs 27,072 crore. Among these, revenue receipts stood at Rs 23,515 crore, while capital receipts totaled Rs 3,557 crore. Excluding borrowings of Rs 3,527 crore, the total receipts were estimated at Rs 23,545 crore, with total expenditure projected at Rs 27,072 crore.
Of the total expenditure, revenue expenditure was expected to be Rs 19,653 crore, with capital expenditure set at Rs 7,419 crore. Excluding loan repayments amounting to Rs 1,498 crore, the total expenditure was estimated at Rs 25,574 crore. The CM outlined that interest payments for the fiscal year 2024-25 were estimated at Rs 1,236 crore, while pension payments were earmarked at Rs 1,865 crore.
Presenting the budget with a fiscal deficit of Rs 2,029 crore, equivalent to approximately 3.83 per cent of the Gross State Domestic Product (GSDP), Sangma stressed upon its significance as Mission 10, underscoring its role as an action plan to achieve a USD 10 billion economy by 2028 through leveraging 10 opportunities and providing 10 guarantees. This milestone coincides with 10 years of the MDA Government’s tenure.
Asserting the State’s aspiration to rank among the top 10 States in terms of per capita GDP by 2032, CM Sangma expressed confidence in achieving this ambitious target. He reiterated Meghalaya’s commitment to contributing to Prime Minister Narendra Modi’s vision of a Viskit Bharat or Developed India by elevating its GDP to $10 billion by 2028.
The CM provided insights into the State’s economic trajectory, highlighting a significant growth in the GSDP from Rs 42,697 crore ($5.3 billion) in 2022-23 to a projected Rs 52,973 crore ($6.6 billion) for the fiscal year 2024-25, with an annual growth rate of 11.4 per cent. These encouraging figures indicate progress towards achieving the $10 billion economy target.
Allocations from the budget included Rs 5,271 crore for the gender budget, Rs 4,501 crore for climate action, Rs 3,539 crore for education, Rs 1,970 crore for health, and Rs 2,709 crore for the roads and building sector.
CM Sangma highlighted an increase in estimated transfers from the Centre, expected to rise to Rs 18,168 crore for the current year, along with a growth in the State’s own tax revenue, which surged by 23 per cent to Rs 3,262 crore compared to the previous year.
