Guwahati, Mar 23 (IANS): Meghalaya Chief Minister Conrad Sangma, who also holds the Finance portfolio, on Thursday presented a deficit budget of Rs 1,592 crore for the fiscal year 2023-24

This deficit amount is almost 3.42 per cent of the gross state domestic product (GSDP).

Though the opposition criticised the high deficit amount in the budget, the Chief Minister termed it as a 'people's budget'.

He said: "I am happy to announce that the estimated capital outlay for 2023-24 is 14 per cent higher than 2023-24 and 38.5 per cent higher than 2021-22. This substantial increase in capital expenditure will be the foundation for the projected increase in economic growth."

According to Sangma, the overall revenue for the budget would be Rs 21,781 crore, of which tax revenue will be Rs 19,414 crore and capital revenue will be Rs 2,366 crore. Including loans of Rs 2,339 crore, the expected total revenues are Rs 19,442 crore.

Regarding spending, the Minister put the total at Rs 22,022 crore, of which Rs 17,186 crore went towards revenue and Rs 4,838 crore went towards investments.

When Meghalaya celebrates its 60 years of statehood in 2032, he reaffirmed his commitment to make the state into one of the top 10 in the nation.

He stated: "The target is to be among the top 10 states in terms of per capital GDP and achievement of Sustainable Development Goals. We shall work together to create a successful and joyful Meghalaya."

Sangma outlined the main areas of focus for the MDA 2.0 government's 5-year plan.

"We would implement policies and programmes to double the GSDP to around Rs 80,000 crore by 2027-28 and make Meghalaya a ten billion-dollar economy," he added.