Meghalaya CM tables ₹1,592 cr deficit Budget, seeks to make State a billion dollar economy
The Hindu
Meghalaya CM Conrad Sangma on March 23, 2023 tabled a ₹1,592 crore deficit Budget for the 2023-24 fiscal, proposing no new tax.
Meghalaya Chief Minister Conrad K. Sangma on Thursday tabled a ₹1,592 crore deficit Budget for the 2023-24 fiscal, proposing no new tax, and asserted that efforts will be made to make the state a 'billion-dollar' economy.
The Chief Minister said the estimated GSDP for the FY 2023-2024 is pegged at ₹46,600 crore with an expected growth rate of 11.5%.
The fiscal deficit is 3.42% of the State's GSDP — ₹41,779 crore for the current financial year.
Presenting the Budget in the Assembly, Mr. Sangma said the estimated receipt is about ₹21,781 crore of which revenue is likely to be ₹19,414 crore excluding the borrowings of ₹2,339 crore.
He said the total expenditure is expected to be ₹22,022 crore, an increase of over ₹3,140 crore excluding loan repayment of ₹988 crore.
The estimated expenditure included Rs 1,169 crore in repayment of interests and ₹1,794 crore in pension payments.
“I am therefore presenting a budget of 2023-24 with a fiscal deficit of ₹1,592 crore, which is around 3.42% of the GSDP,” Mr. Sangma said.