Meghalaya CM tables Rs 1,849-crore deficit budget, no extra taxes proposed

The chief minister said the total expenditure is expected to be Rs 18,881 crore, a Rs 1,278-crore rise in comparison to the current fiscal's figures.

New Delhi: Meghalaya Chief Minister Conrad K Sangma on Wednesday tabled a Rs 1,849-crore deficit budget in the assembly for the fiscal 2022-23, proposing no additional taxes and featuring a separate section on funding for sustainable development goals.

Sangma also announced that the state government has made 'fundamental changes' in the budgeting system, doing away with the plan and non-plan estimates in line with the Centre's practices.

He said the government has estimated a total receipt of Rs 18,700 crore, which includes borrowings of Rs 2,632 crore.

The chief minister, who also holds the finance portfolio, said the total expenditure is expected to be Rs 18,881 crore, a Rs 1,278-crore rise in comparison to the current fiscal's figures.

The estimated Gross State Domestic Product for 2022-23 is pegged at Rs 41,010 crore, ‘given the positive outlook of the economy.’

“I am presenting the budget for FY 2022-23 with a fiscal deficit of Rs 1,849 crore, which is around 4.5 per cent of the GSDP,” Sangma said.

“Total transfers from the Centre, excluding scheme-related transfers, are estimated at Rs 7,641 crore,” he added.

Of the total expenditure projection of Rs 18,881 crore, Rs 9,182 crore will be spent on improvement of various SDG indicators, an increase of nearly 19 per cent over the current fiscal's numbers.

The chief minister also said his government is committed to solving the long-pending boundary dispute with neighbouring Assam. Also Read: Twitter begins testing 'Shops' feature to grow ecommerce

“We have already signed an MoU to resolve 6 of the 12 areas of difference,” he told the assembly. Also Read: ‘Who will invest in India if scams like this happen?’ Court asks on NSE case