Chief Minister Conrad Sangma today presented the Rs 1,592 crore deficit budget for 2023-24, which is around 3.42 per cent of the Gross State Domestic Product (GSDP).
Tabling the budget in the Assembly today, Sangma termed it as a “people’s budget”.
Presenting the budget, Sangma said that the estimated total receipts is at Rs 21,781 crore, of which the revenue receipts are estimated at Rs 19,414 crore and capital receipts at Rs 2,366 crore. Excluding borrowings of Rs 2,339 crore, the total receipts are estimated to be at Rs 19,442 crore.
The total expenditure is estimated at Rs 22,022 crore, of which the revenue expenditure is estimated at Rs 17,186 crore and capital expenditure at Rs 4,836 crore.
“Excluding repayment of loans of Rs 988 crore, the estimated total expenditure is Rs 21,034 crore.” Sangma said, adding that interest payments for 2023-24 are estimated at Rs 1,169 crore and pension payments at Rs 1,794 crore.
“I am, therefore, presenting the budget for 2023-24 with a fiscal deficit of Rs 1,592 crore, which is around 3.42 percent of the GSDP,” Sangma said.
“Our government will work diligently to achieve the vision outlined in this budget document,” he added.
To emphasise the centrality of the climate agenda, the chief minister for the first time this year presented a Climate Action Budget along with the budget estimates.
The overall allocation towards climate action for 2023-24 is Rs 3,412 crore, which corresponds to about 15 per cent of the State’s budget.
The Youth Budget was also presented for the second time along with the budget estimates. The Youth Budget has been increased from the estimated amount of Rs 1,789 crore in 2022-23 to Rs 2,215 crore in 2023-24, an increase of 24 per cent.
Education got the highest allocation in this year’s budget at Rs 2,884 crore out of which Rs 2,015 crore is earmarked for payment of salaries to teachers.
The overall investments in the health sector for 2023-24 stands at Rs 1,805 crore, which is an increase of Rs 109 crore over the revised estimates of 2022-23.
Sangma also proposed an annual outlay of Rs 30,000 each for all the 6,275 village health councils in the State and allocating Rs 18.8 crore towards this endeavour.
He also said that Rs 2,226 crore has been allocated for the roads sector for 2023-24.
The overall investment in the primary sector (agriculture, horticulture, fisheries etc) for 2023-24 is at Rs 1,560 crore, an increase of Rs 384 crore from the revised estimates of the current financial year.
The overall allocation towards achievement of sustainable development goals (SDGs) for 2023-24 is Rs 13,145 crore which corresponds to about 59 per cent of the State budget.