Shillong, Feb 26 (NationPress) Meghalaya has positioned itself as one of the fastest-growing states in India, achieving nearly 10 percent real Gross State Domestic Product (GSDP) growth for three consecutive years following the Covid-19 pandemic, stated Chief Minister Conrad K. Sangma on Thursday during the Budget discussion in the Assembly.

Referring to fiscal indicators, Sangma noted that the state's economic size has increased by 76.5 percent between FY21 and FY25, making Meghalaya the second fastest-growing state in real GSDP growth, only behind Tamil Nadu, which reflects a sustained economic momentum.

The Chief Minister emphasized that the state's growth is not reliant on excessive borrowing, underscoring the government's commitment to fiscal prudence and disciplined financial management. He highlighted that borrowings represented just 7.8 percent of total receipts in FY24, significantly below the national average of 19.4 percent.

Discussing the government's capital-led growth strategy, Sangma reported that capital expenditure has seen a compounded annual growth rate (CAGR) of 16.5 percent since FY14, outpacing revenue expenditure growth of 11.1 percent, indicating a stronger focus on asset creation and long-term development.

Overall state expenditure has consistently risen to Rs 30,948 crore in FY27 (Budget Estimates), showcasing growth in development spending and public investment across various sectors. Meghalaya has also exhibited strong fiscal efficiency, utilizing 99 percent of its Budget Estimates in 2023–24, marking one of the highest utilization rates in the country.

In the last decade, state resources have grown at a CAGR of 13.1 percent, while total receipts have increased by 13.7 percent, demonstrating the steady strengthening of the state's fiscal base and revenue mobilization capacity.

Sangma noted improved utilization of central funds, with allocations under national development schemes rising from Rs 200 crore in 2020–21 to Rs 2,695 crore in FY26, and projected to reach Rs 4,500 crore in FY27, further bolstering infrastructure development and welfare programs.

Focusing on employment generation, Sangma highlighted investments in tourism, sports, and entrepreneurship as crucial drivers of job creation and economic diversification. The upcoming 39th National Games in 2027 is expected to create over 30,000 indirect jobs, enhancing related sectors and local economic activity.

Through initiatives like CM Elevate and PRIME, over 3,200 entrepreneurs have received support, while private investments totaling Rs 2,638 crore have led to the creation of more than 5,500 jobs, fortifying the state's entrepreneurial ecosystem and employment landscape.

In the social sector, he highlighted significant expansions in health infrastructure, a decline in infant and maternal mortality rates, and a sharp increase in SSLC pass percentages following educational reforms, reflecting improvements in human development indicators.

Reaffirming the Vision 2032 roadmap, Sangma stated that Meghalaya aims to rank among the top 10 states in per capita income and Sustainable Development Goals (SDG) performance, highlighting the government's long-term dedication to inclusive and sustainable growth.