Shillong(Meghalaya), March 9: Chief Minister Conrad Sangma on Wednesday presented the budget for the year 2022-23 with a fiscal deficit of Rs 1,849 crore, which is 4.5 per cent of the GSDP.
For 2022-23, Sangma estimated the total receipt at Rs 18,700 crore, of which the revenue receipts are estimated at Rs 16,035 crore and capital receipts at Rs 2,665 crore.
Excluding borrowings of Rs 2,632 crore, the total receipts are estimated at Rs 16,068 crore.
On the expenditure side, Sangma 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 payment of loans of Rs 964 crore, the total expenditure is Rs 17,917 crore.
Interest payments for 2022-23 is estimated at Rs 1,110 crore and pension payments at Rs 1,469 crore.
In his budget speech , he said that he is presenting the budget of 2022-23 with a fiscal deficit of Rs 1,849 crore, which is around 4.5 percent of the GSDP.
, “I am presenting a Gender budget, a Youth budget and a Sustainable Development Goals budget.” “The size of the gender budget comes to Rs 2,495 crore. This constitutes about 13 percent of the total budget size and is 20 percent higher than the allocations for the current financial years.” “Aggregating all the investments being proposed for youth in 2022-23, the size of the youth budget comes to Rs 1,363 crore. This constitutes about 7 percent of the total budget size,”Sangma said.
To achieve sustainable development goals, the CM said this year the SDG budget has been formulated which lays out the allocations made for the achievement of the various SDGs.
“Out of the total expenditure estimate of Rs 18,881 crore, Rs 9,182 crore will be spent for the improvement of the various SDG indicators. This is an increase of about 19 percent over the current financial year,” he added.
He also stated that the vision for Meghalaya is to be amongst the top 10 states by 2030.
Despite economic disruptions on large scale due COVID-19 pandemic, ”the increased government spending and other measures, the economy is on a recovery path.”
“The state’s 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 41,10 crore.”
The CM added 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. 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 .
For 2022-23, Sangma said the state’s share of central taxes is estimated at Rs 6,264 crore.
“The state will also be receiving Rs 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 added.
For the 1st time in the history of Meghalaya, happy to present a Gender budget, a Youth budget & a Sustainable Development Goals budget in line with our vision for the State. For FY 2022-23, I am projecting an overall expenditure of ₹ 18,881 Cr. #MeghalayaBudget2022@PMOIndia pic.twitter.com/C5SxsAuYrR
— Conrad Sangma (@SangmaConrad) March 9, 2022