Meghalaya to have an additional borrowing of 0.5 percent: James

Syllad | The Rising MeghalayaAugust 9, 2022

The Cabinet on Tuesday approved the amendment of the Meghalaya Fiscal Responsibility and Budget Management Act, 2006 which seeks to allow the state to increase its borrowing limit by another 0.5 percent of the GSDP.

Addressing media persons, Taxation Minister James K Sangma said that the amendment was brought in the form of an ordinance.

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“This amendment is pursuant to a letter that we have received from the Department of Expenditure, Ministry of Finance, government of India, which has allowed us to increase our borrowing limit by .5% which would mean an additional borrowing space of 0.5 percent of GSDP however link to performance in the power sector,” he said.

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“This was discussed and this has also been approved in the cabinet which basically will increase our annual limit to 4% of the GSDP during the fiscal year 2022-2023,” Sangma said.