Shillong, Mar 12: Meghalaya Chief Minister, Conrad K. Sangma on Tuesday presented the budget estimates of the state for 2019-2020 with a deficit of 1,323 crore.
Presenting the budget, the Chief Minister who holds the finance portfolio said that for 2019-20, he has estimated the total receipts at Rs 16,199 crore, of which the revenue recipts are estimated at 14,438 crore, and capital receipts at Rs 1,761 crore. Excluding borrowings of 1,736 crore, the total receipts are estimated to be Rs 14,463 crore.
On the expenditure side, the Chief Minister estimated the total expenditure at 16,202 crore, of which, the revenue expenditure is estimated at 13,700 crore and capital expenditure at Rs 2,502 crore. Excluding repayment of loans of 416 crore, the estimated total expenditure is 15,786 crore.
Interest payments for 2019-20 are estimated to be at Rs 746 crore and pension payments at Rs 855 crore.
As the estimated total expenditure at Rs 15,786 crore is more than the estimated total receipts at Rs 14,463 crore, the Chief Minister said, “I am presenting the budget of 2019-20 with a fiscal deficit of
Rs 1,323 crore, which is around 3.65 percent of the GSDP.”
He informed that his government’s development strategy is to foster human development by prioritizing education and health sectors, improve physical, social and digital infrastructure, and to build robust rural livelihoods and enterprises in the agri-horticultue, food processing and tourism sectors.
He also said that the government is making all efforts to improve revenue collection of the state, despite several limitations and challenges.
“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 per cent. The overall tax revenue including Goods and Services Tax (GST), excise and motor vehicle taxes is estimated at Rs 1716 crore for 2018-2019,” the Chief Minister said.