Meghalaya cabinet approves fiscal act amendment and department renaming

Meghalaya Chief Minister Conrad Sangma on Nove,ber 16 took to the microblogging site X to announce the latest decisions made by the Meghalaya Cabinet. The foremost among these decisions is the approval of the amendment to the Meghalaya Fiscal Responsibility and Budget Management Act, 2006.

The Meghalaya Fiscal Responsibility and Budget Management Act, 2006, underwent its latest amendment last year, following the permission granted by the Government of India. This approval allowed states to increase budget borrowings based on annual reforms implemented. Sangma highlighted that, based on the reforms undertaken by various departments last year, Meghalaya's borrowing limit experienced a 4% increase. Building on this, the Chief Minister revealed that this year, owing to commendable strides in power reforms, there will be an additional 0.5% increment in the budget borrowing limit.

"This strategic move reflects our commitment to financial responsibility while acknowledging the dynamic needs of our state. By linking borrowing limits to reforms, we ensure a balanced approach to fiscal management," stated Chief Minister Sangma.

In another development, the Meghalaya Cabinet endorsed the renaming of the Labour Department to the Department of Labour, Employment & Skill Development. This decision aligns with the government's vision to encompass a broader spectrum of responsibilities and better reflect the multifaceted nature of the department's endeavors.