Conrad presents budget with fiscal deficit of ₹2,000 crore, govt expenditure doubles

Shillong: Govt expenditure has more than doubled from Rs 12,159 crore in 2018-19 to Rs 25,052 crore in Meghalaya in the current financial year though the state performed better on centrally sponsored schemes, attracting investments through externally aided projects, improving its own revenues and careful management of state finances, chief minister Conrad K Sangma said during his speech on budget made in the assembly on Wednesday.“In programme after programme, we have been able to leverage additional funding based on our excellent performance and timely completion of projects. Meghalaya is one of the few states that get bonus instalments under schemes like the Jal Jeevan Mission and the National Health Mission,” said the CM, who also holds the finance portfolio. Presenting the estimates for the budget for the financial year 2024-25, he said, “Agencies like IFAD and World Bank are providing additional allocations to expand our ongoing projects in agriculture and road infrastructure. Under the Special Assistance to States for Capital Investments, our allocations have been increasing exponentially,” he said and announced that the state has got approvals for Rs 1,987 crore, close to double the budgeted amount.“The increased govt expenditure has enabled us to complete and initiate several capital projects in the sectors of roads and bridges, water supply, power, sports, information technology, tourism and urban development. Social infrastructure like schools and hospitals are being comprehensively renovated and upgraded,” the CM said.“Development is reaching every village and locality in the state in the form of new roads, piped water connections, food processing units, community halls, water harvesting structures, and play fields. For the first time in the history of the state, a range of beneficiary-oriented programmes that directly benefit our farmers, women, and youth are being universalised,” Conrad said while presenting the budget for the 2024-25 financial year with a fiscal deficit of Rs 2,029 crore, which is around 3.83% of the GSDP.“Our target to be amongst the top 10 states of the country in per capita GDP and SDG goals by 2032 is ambitious, but possible. My govt will make every effort to make it possible. As an intermediate goal, Meghalaya will contribute to the vision of a ‘Viksit Bharat’ by raising its GDP to $10 billion by 2028,” Conrad said, adding that this was the commitment he had made to Prime Minister Narendra Modi a year ago and iterated it in the assembly on Tuesday.