Meghalaya: Chief Minister Addresses Opposition's Debt Concerns
SHILLONG: Chief Minister Conrad Sangma addressed fears about Meghalaya's financial health. He said Meghalaya isn't drowning in debt. Sangma reminds the opposition that borrowing caps from the Reserve Bank of India and federal government help avoid extreme debt.
Sangma noted loan amounts, yes, but the state sticks to a spending limit. State expenses, he also stated, almost doubled for various reasons. However, we're not only using loans to fund development projects.
Regarding finances, Sangma made interesting points. Meghalaya's slice of the federal tax pie grew from Rs 4,000 crore to Rs 9,000 crore in five years. Plus, the state's own taxes jumped from Rs 1,700 crore in 2018 to nearly Rs 4,700 crore recently. Growth in state revenue and a rise in centrally sponsored programs are also noteworthy, Sangma noted.
Addressing about Externally Aided Projects (EAPs), Sangma explained the majority of funding, 72%, for World Bank-initiated projects, comes from India's government. And Meghalaya pitches in just 28%. Capital Investment or Special Assistance, a 50-year, interest-free loan from the Centre, has been expertly leveraged by the state, according to Sangma.
Sangma didn't hold back when speaking to the opposition. He reproached them for spurring debt-crisis fears but not participating in constructive Assembly exchanges. Sangma referred to a recent session where the opposition missed the chance to comment and instead chose to "run away." He voiced disappointment over this dereliction of their public duties.
The head of state mentioned Meghalaya's spending on EAPs has hugely increased. It shows that the state has smartly handled its money. Sangma stated how the Consolidated Fund is being used to pay back the lengthy 50-year loan, avoiding adding extra weight on the state's shoulders.
Even though some opposing officials marched out of the State Assembly making allegations of rules being bent, Sangma called for helpful conversations and pledged to offer thorough replies when needed. Stressing the importance of being clear in financial matters, he showed readiness to revisit issues down the line. Meantime, he encouraged the opposition to take part in legislative talks with utmost sincerity.
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