Shillong: Meghalaya Chief Minister Conrad K Sangma on Thursday presented the budget with a fiscal deficit of Rs 1,592 crore, which is around 3.42 percent of the GSDP for the year 2023-2024.
Presenting the budget during the ongoing Assembly budget session, CM Conrad Sangma, who also holds the finance portfolio, said that the estimated total receipts will be Rs 21,781 crore, of which the revenue receipts are estimated at 19,414 crore and capital receipts at 2,366 crore.
Excluding borrowings of Rs 2,339 crore, the total receipts are estimated to be Rs 19,442 crore, he said.
On the expenditure side, the chief minister estimated the total expenditure at Rs 22,022 crore, of which the revenue expenditure is estimated at 17,186 crore and capital expenditure at 4,836 crore.
Excluding repayment of loans of 988 crore, the estimated total expenditure is 21,034 crore,” Sangm said.
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Sangma further informed the House that the interest payments for 2023-24 are estimated at 1,169 crore and pension payments at 1,794 crore.
The chief minister further added that the State’s economy has been growing at an encouraging pace despite disruptions caused by the Covid pandemic. “Our growth rate for the period 2018-23 is at 6.75%,” he said.
The budget session of the newly elected Legislative Assembly began on March 20 and will conclude on March 28.
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