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Business EconomyPosted at: Mar 7 2024 2:26PM


Meghalaya not moving towards debt trap, says CM

Shillong, Mar 7 (UNI) Chief Minister Conrad Sangma said Meghalaya was not moving towards debt trap due to huge loans taken by the State government from various agencies.
Sangma, who also holds the Finance portfolio, said that the Reserve Bank of India (RBI) and Central government allow the state to take loans as what has been prescribed and allowed by the government.
“It is not that loan component is not there but loan component is only to the tune of what the RBI and the government of India allows us. They will never allow us to take more loans than what we should take and there are caps on it and we have been maintaining those caps and therefore, it is not an issue at all,” the Chief Minister explained.

“Meghalaya has been able to make use of the Special Assistance or Capital Investment which the Centre has given, a 50 year long loan and interest free and for that there is a Consolidated Fund which the government is putting money to pay back so that it will not be burden on the State,” he informed.
Noting that the overall expenditure of Meghalaya has gone up almost double because of multiple reasons, Sangma said, “We are not financing our development by taking loans. Our share of central taxes has doubled from Rs 4000 crore to Rs 9000 crore for the last five years. Our own taxes have gone up from Rs 1700 crore in 2018 to almost Rs 4700 crore in the last five years.”
Moreover, he said that the share of centrally sponsored schemes and the money that the State gets has almost tripled if one takes the average of all schemes put together.
Further, the Chief Minister said that the State’s Externally Aided Projects (EAPs) expenditure has gone up five times compared to what it was in the past.
“We only pay only 28 per cent and that is also not a loan we have to pay upfront and the government of India then subsidies and pays the remaining 72 per cent,” he said.
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