Shillong, March 19: Meghalaya Chief Minister Mr Conrad K Sangma who is holding finance portfolio today present the budget for the financial year 2020-2021 with fiscal deficit of Rs. 1,532 Crore, which is around 3.53 of the State Gross Domestic product (GSDP).
The Chief Minister mention that, for 2020-21, have estimated the total receipts at Rs. 17,375 crore, of which the revenue receipts are estimated at Rs 15,353 crore and capital receipts at Rs. 2,022 crore. Excluding borrowings of Rs. 1,995 crore, the total receipts are estimated to be Rs. 15,380 crore.
On the expenditure side, Chief Minister estimated the total expenditure at Rs. 17,432 crore, of which the revenue expenditure is estimated at Rs. 14,428 crore and capital expenditure at Rs.3,004 crore. Excluding repayment of loans of Rs. 520 crore, the estimated total expenditure is Rs. 16,912 crore.
The Chief Minister said that the interest payments for 2020-21 are estimated at Rs. 843 crore and pension payments at Rs. 1,208 crore. The budget that was presented today by the Chief Minister for the year 2020-21 with a fiscal deficit of ₹ 1,532 crore, which is around 3.53% of the GSDP.
The Chief Minister said that Meghalaya, like other special category states, is largely dependent on transfers from the Centre, for meeting both its revenue requirements and for making capital investments. From its our own resources, tax and non-tax, constitute only about 20% of the State’s total revenue receipts.
The Chief Minister is confident that the revenue collection of the State would improve significantly in the next financial year. For 2020-21, I have estimated Rs. 2,377 crore and Rs.690 crore for tax and non-tax revenue collection respectively.
The Chief Minister said that MDA government is prioritizing human development- education and health. In this sector there is an increase in the allocation up to 22%. The overall proposed development outlay is Rs. 724 crore.
The Chief Minister in his budget speech has touch all the department and the amount of fund allocation also mention for each department in his budget speech. The Chief Minister also present Vote on Account for proposed expenditure during the first three months with an amount of Rs. 4358,03,37,000/- for 2020-21.
