SHILLONG, Mar 12: Meghalaya Chief Minister, Conrad Kongkal Sangma on Tuesday presented an Rs 1,323 crore deficit budget for the year 2019-20.
According to the Chief Minister, the fiscal deficit budget of Rs 1,323 crore is around 3.65 percent of the Gross State Domestic Product (GSDP).
Presenting his second budget of the ruling National People’s Party (NPP) led-Meghalaya Democratic Alliance (MDA), Conrad estimated the state’s total receipts for 2019-20 at Rs 16,199 crore, of which the revenue receipts are estimated at Rs 14,438 crore and capital receipts at Rs 1,761 crore.
The Chief Minister said that excluding borrowings, the total receipts are estimated to be Rs 14, 463 crore.
On the expenditure side, he estimated the total expenditure at Rs 16, 202 crore during 2019-20, of which the revenue expenditure is estimated at Rs 13, 700 crore and capital expenditure at Rs 2, 502 crore.
Conrad said that excluding repayment of loans of Rs 416 crore, the estimated total expenditure is Rs 15, 786 crore.
He also said that the interest payment during 2019-20 is estimated at Rs 746 crore and pension payment at Rs 855 crore.
Presenting the state of the economy the Chief Minister, stated that for the year 2017-18, the GSDP at current market price was Rs 29, 864 crore, as per the quick estimates, which shows an increase of 10.33 percent over the previous year.
According to Conrad, the advance estimates indicate that the GSDP for 2018-19 is Rs 32, 972 crore, an increase of 10.41 percent over 2017-18. The growth of the tertiary sector is registered at 11.41 percent, the secondary sector at 11.16 percent and the primary sector at 3.88 percent over the year 2017-18.
The per capita income of the state at current prices for the year 2018-19 stands at Rs 94, 556 as per the advance estimates, as against Rs 87, 500 in the year 2017-18 showing an increase of about 8.06 percent.
The Chief Minister also said that the government is making all efforts to improve the revenue collection of the state, despite several limitations and challenges.
He said that the revenue collected by the taxation department is expected to touch Rs 1, 478 crore by the end of this year, thus registering a growth rate of 15 percent.
According to him, the overall tax revenue including Goods and Services Tax (GST), Excise and Motor Vehicle Taxes is estimated at Rs 1, 716 crore for 2018-19.
Conrad also informed that during the current financial year, the government have been making systematic efforts towards improving the tax and non-tax revenues.
He pointed out that in the second year of implementation of GST, the state has improved its performance which can be gauged from the fact that only Rs 73 crore was provided as compensation in 2018-19 by the centre, against Rs 124 crore in 2017-18.