Chief Minister Conrad K Sangma on March 23 tabled Rs 1,592 crore deficit budget for 2023-24 and termed it as a “people’s budget”.
Total revenues are expected at Rs 21,781 crore, with income receipts at Rs 19,414 crore and capital receipts at Rs 2,366 crore, according to Sangma's budget address.
Excluding borrowings of Rs 2,339 crore, total collections are anticipated to be Rs 19,442 crore, he said, adding that total spending is estimated to be Rs 22,022 crore, with revenue expenditure being Rs 17,186 crore and capital expenditure being Rs 4,836 crore.
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According to the chief minister, who is in charge of the Finance Ministry, the entire expected cost is Rs 21,034 crore, excluding loan repayments of Rs 988 crore.
He said the interest payments for 2023-24 are estimated at Rs 1,169 crore and pension payments at Rs 1,794 crore.
“I am, therefore, presenting the budget for 2023-24 with a fiscal deficit of Rs 1,592 crore, which is around 3.42 per cent of the GSDP,” Sangma said.
Dedicating the budget to the people of the state, the chief minister said, “I would like to term this budget the ‘People’s Budget’.”
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