CM presents Rs 1570 crore fiscal deficit budget for 2021-2022

Shillong, Mar 10: Chief Minister, Conrad Sangma on Wednesday presented a Rs. 1, 570 crore deficit budget for the year 2021-22 which is around 4.07 percent of the Gross State Domestic Product (GSDP).

Presenting the Budget for, the Chief Minister said that the total receipts is estimated at Rs. 17, 509 crore, of which the revenue receipts are estimated at Rs. 15, 232 crore and capital receipts at Rs. 2, 277 crore. “Excluding borrowings of Rs, 2, 247 crore, the total receipts are estimated to be Rs. 15, 262 crore,” Sangma said.

On the expenditure side, the estimated expenditure has been pegged at Rs. 17, 603 crore, of which the revenue expenditure is estimated at Rs. 13, 956 and capital expenditure at Rs. 3, 647 crore. He said that excluding repayment of loans of Rs. 771 crore, the estimated total expenditure is Rs. 16, 832 crore.

Sangma said that the interest payments for 2021-22 is estimated at Rs. 1, 047 crore and pension payments at Rs. 1, 303 crore.

The Chief Minister in his Budget speech informed that Meghalaya’s share in the divisible pool of taxes has increased from 0.645 percent in the Fourteenth Finance Commission to 0.767 percent in the Fifteenth Finance Commission for the period 2021-26.

He said that the share of central taxes is estimated at Rs. 5,105 crore and the revenue gap grant is at Rs. 1,279 crore.

“This is an increase of Rs. 1,600 crore over the actual devolution of this year,” Sangma said.

State’s own revenues are estimated to be Rs. 2,579 crore in taxes and Rs. 694 crore in non-tax, he informed.

Sangma informed that in addition to central transfers, the State has been taking steps to increase its own tax and non-tax revenue.

“For the current financial year, the own tax revenue of the state, including GST compensation, is expected to touch Rs. 2,213 crore, a 11 percent increase over the financial year 2019-20,” Sangma said.

He also said that the Excise revenue for 2021-22 is expected to touch an all time high of Rs. 350 crore, an increase of 27 percent over last year.

Sangma informed that Rs. 820 crore is allotted for the Health sector, an increase of 13 percent over 2020-21.

A total of Rs. 980 crore has been allotted for the Education sector.

Sangma also allocated Rs. 20 crore for the 50th Anniversary of the Statehood wherein a number of programs will be held to celebrate the State and its people.

Also a total of Rs. 200 crore has been allotted for the development of sports and youth affairs.

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