Shillong, Feb 26 (SocialNews.XYZ) Meghalaya has emerged as one of the fastest-growing states in the country, recording nearly 10 per cent real Gross State Domestic Product (GSDP) growth for three consecutive years after the Covid-19 pandemic, Chief Minister Conrad K. Sangma said on Thursday while replying to the Budget discussion in the Assembly.
Citing fiscal indicators, Sangma said the state’s economic size expanded by 76.5 per cent between FY21 and FY25, making Meghalaya the second fastest-growing state in terms of real GSDP growth, after Tamil Nadu and reflecting sustained economic momentum.
He underlined that the state’s growth trajectory is not dependent on heavy borrowings, highlighting the government’s emphasis on fiscal prudence and disciplined financial management. Borrowings accounted for only 7.8 per cent of total receipts in FY24, significantly lower than the national average of 19.4 per cent, the Chief Minister said.
Highlighting the government’s capital-led growth approach, Sangma said capital expenditure has grown at a compounded annual growth rate (CAGR) of 16.5 per cent since FY14, outpacing revenue expenditure growth of 11.1 per cent and signalling a stronger focus on asset creation and long-term development.
Total state expenditure has steadily increased to Rs 30,948 crore in FY27 (Budget Estimates), reflecting expansion in development spending and public investment across sectors. Meghalaya also demonstrated strong fiscal efficiency, spending 99 per cent of its Budget Estimates in 2023–24, one of the highest utilisation rates in the country.
Over the past decade, state resources grew at a CAGR of 13.1 per cent, while total receipts rose by 13.7 per cent, indicating steady strengthening of the state’s fiscal base and revenue mobilisation capacity.
The Chief Minister noted improved utilisation of central funds, with allocations under national development schemes increasing from Rs 200 crore in 2020–21 to Rs 2,695 crore in FY26, and projected to touch Rs 4,500 crore in FY27, further supporting infrastructure expansion and welfare programmes.
Placing employment generation at the core of growth, Sangma highlighted investments in tourism, sports and entrepreneurship as key drivers of job creation and economic diversification. Hosting the 39th National Games in 2027 is expected to generate over 30,000 indirect jobs, boosting allied sectors and local economic activity.
Under CM Elevate and PRIME, more than 3,200 entrepreneurs have been supported, while private investments worth Rs 2,638 crore have already generated over 5,500 jobs, strengthening the state’s entrepreneurial ecosystem and employment landscape.
In the social sector, he said health infrastructure has expanded significantly, infant and maternal mortality have declined, and SSLC pass percentages rose sharply following Mission Education reforms, reflecting improvements in human development indicators.
Reiterating the Vision 2032 roadmap, Sangma said Meghalaya aims to rank among the top 10 states in per capita income and Sustainable Development Goals (SDG) performance, underscoring the government’s long-term commitment to inclusive and sustainable growth.
Source: IANS
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