Chief Minister Conrad Sangma today presented the Meghalaya budget of 2022-23 with a fiscal deficit of Rs 1,849 crore, which is around 4.5 per cent of the Gross State Domestic Product (GSDP).
Presenting the budget in the Assembly today, Sangma informed that for 2022-23, the State government has estimated the total receipts at Rs 18,700 crore, of which the revenue receipts are estimated at Rs 16,035 crore and capital to receipts at Rs 2,665 crore.
Excluding borrowings of Rs 2,632 crore, the total receipts are estimated to be Rs 16,068 crore.
Further, on the expenditure side, the government has estimated the total expenditure at Rs 18,881 crore, of which the revenue expenditure is estimated at Rs 15,376 crore and capital expenditure at Rs 3,505 crore.
Excluding repayment of loans of Rs 964 crore, the estimated total expenditure is Rs 17,917 crore.
The interest payment for 2022-23 is estimated at Rs 1,110 crore and pension payments at Rs 1,469 crore.
“My government is determined to propel Meghalaya into the league of top 10 states in India by the end of the decade,” Sangma said while presenting the budget.
Stating that the Covid-19 pandemic has caused economic disruptions on a large scale, Sangma however said that with the increased government spending and other measures, the State economy is on a recovery path.
“The State GSDP for the current financial year is pegged at Rs 37,494 crore. Given the positive outlook for the economy, the GSDP estimate for 2022-23 stands at Rs 41,010 crore,” he said.
The chief minister also informed that for the current financial year, the State government received Rs 5,851 crore as share of central taxes against the original estimates of Rs 5,105 crore.
He also said that under the Special Capital Assistance Programme, the Union Finance Ministry has also sanctioned Rs 300 crore for taking up various capital projects.
“These additional funds are a welcome relief to the State government and I would like to express my gratitude to the Prime Minister and the Union Finance Minister,” Sangma said.
He also said that for 2022-23, the State share of central taxes is estimated at Rs 6,264 crore. The State will also be receiving 1,033 crore as revenue deficit grant, Rs 76 crore as grants for disaster management, Rs 140 crore for the Autonomous District Councils, Rs 69 crore for Urban Local Bodies and Rs 59 crore as grants for the health sector.
“The total transfers from the Government of India excluding the scheme related transfers are estimated at Rs 7,641 crore,” Sangma said.
He also informed that the Government of India has increased the size of the Special Capital Assistance pool from Rs 15,000 crore to Rs 1 lakh crore. Out of this, Rs 614 crore has been allocated to Meghalaya for taking up various capital works in 2022-23.
According to Sangma, the own-tax revenue of the State for the current financial year, including GST compensation, is expected to touch Rs 2,213 crore. This includes anticipated excise revenue of Rs 300 crore.
“Over the last four years, this government has been making concerted efforts to increase the State revenue base and these efforts are yielding results. For the year 2022-23, I am estimating the overall tax revenues to be Rs 2,625 crore, out of which excise revenue is estimated at Rs 350 crore,” he said.
Stating that the non-tax revenue collection during the current financial year is expected to touch Rs 541 crore, Sangma said that for 2022-23, the State government is taking steps to auction a large proportion of the 32 lakh metric tons of the extracted coal.
“I also expect to generate significant additional revenue through the initiation of scientific mining in the State. The Ministry of Coal has already given approvals for prospecting operations for 17 applicants. Given this, I am estimating the non-tax revenue from the mining sector to be Rs 500 crore and the overall non-tax revenue to be Rs 731 crore,” he said.
The chief minister mentioned that for the current financial year, the overall central transfers and State's own resources are estimated at Rs 10,189 crore.
“The State financial performance on various centrally sponsored schemes and the externally aided projects has been robust. Given this, I expect the State overall expenditure for the current financial year to touch an all-time high of Rs 15,600 crore. This is a 13 per cent increase over the expenditure of the previous financial year and a 58 per cent increase over the expenditure in 2017-18 when my government came to power,” he said.
Sangma also said that for 2022-23, he is projecting an overall expenditure of Rs 18,881 crore. Out of this, Rs 14,448 crore will come from State resources and the rest will be leveraged from central resources. The revenue expenditure is estimated at Rs 15,376 crore and the capital expenditure is estimated at Rs 3,505 crore.
“I am very pleased to announce that the projected capital expenditure is the highest in the history of the State and will propel the infrastructure growth in line with the thrust given by the Government of India,” he said.
