SHILLONG: Meghalaya chief minister Conrad Sangma, on Thursday (March 23), tabled a Rs 1592-crore deficit budget for 2023-24.
Meghalaya CM Conrad Sangma termed the budget tabled at the state assembly on Thursday as a “people’s budget”.
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Total receipts is at Rs 21,781 crore, of which the revenue receipts are estimated at Rs 19,414 crore and capital receipts at Rs 2366 crore.
This was stated by Meghalaya chief minister Conrad Sangma in his budget speech.
Excluding borrowings of Rs 2339 crore, the total receipts are estimated to be at Rs 19,442 crore, the Meghalaya CM said.
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He added that the total expenditure is estimated at Rs 22,022 crore, of which the revenue expenditure is estimated at Rs 17,186 crore and capital expenditure at Rs 4836 crore.
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The estimated total expenditure is Rs 21,034 crore excluding repayment of loans of Rs 988 crore.
He said the interest payments for 2023-24 are estimated at Rs 1169 crore and pension payments at Rs 1794 crore.
“I am, therefore, presenting the budget for 2023-24 with a fiscal deficit of Rs 1592 crore, which is around 3.42 percent of the GSDP,” Meghalaya CM Conrad Sangma said.
The Meghalaya chief minister added, “I would like to term this budget the ‘People’s Budget’.”
“The goal is to be amongst the top 10 states in terms of per capital GDP and achievement of Sustainable Development Goals. Together, we will strive to build a prosperous and a happy Meghalaya,” said Sangma.
The Meghalaya chief minister said for the next financial year, the GSDP is expected to increase to Rs 46,600 crore, an expected growth rate of 11.5 percent.
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He said that the revised estimates for the share of central taxes for the current financial year is projected at Rs 7386 crore adding this is about 18% higher than the budgetary estimates of Rs 6264 crore.
The total central transfers for the current financial year are expected at Rs 8706 crore including the Finance Commission devolutions and other transfers from the Centre while excluding scheme-related transfers.
“In the financial year 2023-24, I am estimating the share of central taxes at Rs 7834 crore and a total amount of Rs 8908 crore as central transfers, “he said.