Meghalya’s Vision for a $10 Billion Economy by 2028
In his budget presentation on Wednesday, Chief Minister Conrad K Sangma outlined the Meghalaya government’s strategy to propel the state towards a $10 billion economy by 2028. The vision, dubbed "Meghalaya Mission 10," centers around leveraging 10 key sectors to drive growth and create employment opportunities for the youth. Sangma emphasized that the mission is "by the people, of the people, and for the people."
The government has projected a fiscal deficit of Rs 1,970 crore, or 2.96% of the GSDP, with total receipts estimated at Rs 30,415 crore, comprising revenue receipts of Rs 25,591 crore and capital receipts of Rs 4,824 crore. Excluding borrowings, total receipts are estimated to be Rs 25,627 crore. The government has planned an expenditure of Rs 30,003 crore, with revenue expenditure allocated at Rs 20,556 crore and capital expenditure at Rs 9,447 crore, excluding repayment of loans.
The Chief Minister highlighted that the government’s efforts to boost tax and non-tax revenue have yielded positive results, with state own tax revenue surging to Rs 4,041 crore in the current year, a 300% increase from Rs 1,450 crore in 2017-18. Non-tax revenue collection has also seen growth, with an estimated Rs 797 crore in 2025-26.
To achieve its growth goals, the state government is focusing on investing in infrastructure, including the development of new cities and townships. The proposed new capital, Shillong, will be a major hub for industrial and business growth, with plans for a state-of-the-art secretariat, a business mall, and a heliport. The government has also identified hubs for tourism, sports, and IT, with the goal of creating a knowledge city at Mawkhanu.
Sangma announced a slew of initiatives to boost connectivity, including the development of new roads and the extension of the existing Shillong-Tura road. The government has also proposed the relocation of the major landmarks, including the police reserve and central jail, from the city center to the new capital.
In the education sector, the government has allocated Rs 3,654 crore, with a focus on improving infrastructure and increasing grant-in-aid salaries. The FOCUS and FOCUS+ programs, aimed at supporting farmers, will continue, with an allocation of Rs 175 crore.
In his budget presentation, Sangma emphasized the government’s commitment to supporting human capital development, powered by infrastructure, education, and job creation. With the Meghalaya Mission 10 plan in place, the state is poised to grow its economy and become one of the top 10 states in the country by 2032, when the state celebrates its diamond jubilee.
Original Source: https://theshillongtimes.com/2025/03/06/conrad-presents-peoples-budget-with-fiscal-deficit-of-rs-1970-crore/
Category : MEGHALAYA
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Publish Date: 2025-03-06 02:52:00
