Shillong, February 21, 2024: The Meghalaya government, led by Chief Minister Conrad Sangma, presented the state budget for the fiscal year 2024-25 today, emphasizing an ambitious plan named ‘Mission 10.’ The budget outlines a fiscal deficit of Rs 2,029 crore, approximately 3.83 per cent of the Gross State Domestic Product (GSDP).
Under the ‘Mission 10’ initiative, the government aims to propel Meghalaya into a 10 billion US dollar economy by leveraging 10 opportunities and providing 10 guarantees for growth and development. Chief Minister Sangma, who also oversees the Finance department, revealed that the total receipts for the upcoming fiscal year are estimated at Rs 27,072 crore.
Of this total, revenue receipts are projected to be Rs 23,515 crore, while capital receipts are expected to reach Rs 3,557 crore. The chief minister highlighted that the estimated total expenditure, excluding loan repayment of Rs 1,498 crore, stands at Rs 25,574 crore. Interest payments for the fiscal year 2024-25 are anticipated to be Rs 1,236 crore, with pension payments reaching Rs 1,865 crore.
Chief Minister Sangma stated, “I am, therefore, presenting the budget for 2024-25 with a fiscal deficit of Rs 2,029 crore, which is around 3.83 per cent of the GSDP.” He urged members of the legislative assembly and citizens alike to remember this budget as ‘Mission 10,’ an action plan aimed at achieving a 10 billion US dollar economy by 2028.
Sangma expressed confidence that achieving the goals set under ‘Mission 10’ by 2028 would coincide with the 10th anniversary of the Meghalaya Democratic Alliance (MDA) government. He acknowledged that the state’s target to rank among the top ten states in per capita GDP and Sustainable Development Goal (SDG) achievements by 2032 is ambitious but attainable.
The budget announcement signals the government’s commitment to fostering economic growth, seizing opportunities, and ensuring Meghalaya’s progress on both national and international fronts. As the state embarks on this ambitious journey, the ‘Mission 10’ budget aims to lay the foundation for a robust and sustainable economic future for Meghalaya.
