Shillong, Mar 10: Chief Minister Conrad Sangma announced that Meghalaya’s budget has grown three times since 2017-18, from Rs. 9,858 crore to Rs. 27,072 crore in 2024-25.

Sangma stated that the state aims to achieve a Gross State Domestic Product (GSDP) of Rs. 85,787 crores by 2028, driven by a projected growth rate of 13.5% from 2022 to 2026.

Replying to the general discussion on the budget, Sangma highlighted Meghalaya’s economic growth rate increased from 6.5 percent (2014-2018) to 10.5 percent (2019-2023-24).

The Chief Minister stated that the state’s capital expenditure grew by 23.8 percent from 2018 to 2026, outpacing revenue expenditure growth of 10.4 percent.

Sangma also clarified that the state’s share of central taxes is a constitutional right, not a favor from the central government.

On borrowings, the Chief Minister alleviated concerns stating that Meghalaya’s borrowing rate is 12 percent, below the national average of 19 percent.

Meanwhile, Sangma attributed the delay in scholarship payments to students to pending funds from the central government, which the state is working to resolve.