Shillong, Feb 21: Between FY 2023 to FY 2025, Meghalaya has gained significant momentum and showcased a strong economic performance with 11.4% annual growth rate of GSDP. These numbers are encouraging and demonstrate the State is on track to achieving the 10- billion USD economy target.

Government expenditure has more than doubled from INR 12,159 crores in 2018-19 to INR 25,052 crores in the current financial year. This is a testament to the state’s enhanced performance in executing schemes and improved absorption capacity to take up new works.

Building on the significant strides of the past, the state government has presented the budget as Mission 10 which elaborates plan to build a 10-billion-dollar economy and the funding required for its implementation.

The state has identified 10 opportunities as the growth drivers for Meghalaya’s economy over the next four years based on their potential to drive growth or to create employment. To ensure that this growth is achieved in a sustainable and equitable manner, the state has committed to 10 guarantees.

The Budget puts emphasis on a people-centric all-round development and hinges upon- Meghalaya becoming a 10 billion Economy by 2027-28 and be amongst the top 10 states of the country by 2032.

10 OPPORTUNITIES

Investment promotion and private sector development

• Allocation of ₹20 crore for setting up the Invest Meghalaya Authority to attract investments.
• Formulation of the Meghalaya Industrial and Investment Promotion Policy with focus on Patent based industries in green sectors.
• Lucrative incentives to private investors and sectors like Tourism and IT and ITES to be given industry status.
• Formulation of Meghalaya State Investment Promotion and Facilitation Bill, 2024 to ensure ease of doing business.

Regional connectivity and border trade

• ₹25 crore for infrastructure investments to facilitate border trade in 2024-25.
• Initiatives like the BBIN corridor and Land Custom Station upgradation to boost trade with Bangladesh.
• Road map for improving logistics and reducing trade barriers between Bangladesh and Meghalaya to be implemented.

IT AND ITeS- Meghalaya as a tech-hub

• ₹149 crore for IT sector development in 2024-25.
• The Tura Tech Park sanctioned at a cost ₹ 127 crore.
• The Second Phase of the Park is under development in New Shillong Township with an investment of ₹ 114 crores.

Urban transformation

• 232 acres of land allocated for building of the New Shillong Administrative City at Mawdiangdiang.
• Development of New integrated administrative complex at a cost of ₹ 550 crore.
• Development of the New Shillong knowledge city Mawkhanu- Mawpadang through private sector investments with an estimated cost of ₹ 5,400 crore.
• Meghalaya’s biggest Stadium to be built at New Shillong Knowledge city at Mawkhanu at an estimated cost of ₹ 350 cr.
• Key projects to improve ease of living at Shillong:
• Development of The Wah Umkhrah riverfront at an estimated cost of ₹ 40 Cr.
• A comprehensive street rejuvenation project of a 10-kilometre stretch with an investment of more than ₹ 50 crore.
• Cultural and commercial centre of the city, Iewduh, with an investment of ₹ 50 Cr.
• Development of Comprehensive Mobility Plan for Shillong and Tura. o Cleaning of the landfill site at Marten using biomining technology at a cost of ₹ 20 crore.

More than doubling farmers incomes in the primary sector

• Floriculture mission launched make Meghalaya the National Leader in orchid production with investment of ₹ 250 over six years.
• ₹ 250 crore investment planned for Meghalaya State Organic Mission to bring 1 Lakh hectares under organic cultivation by between FY 2024-25 to FY 2027-28.
• ₹ 100 crore to provide the third tranche in 2024-25 under FOCUS.
• ₹ 150 crore investment over five years for Meghalaya State Aquaculture Mission 3.0.
• A hub and spoke model of PRIME Hubs as the large processing units and Collective Marketing centres as primary processing units to be set up in all blocks.
• An additional 5000 hectares of area expansion of pepper, coffee, cocoa and cinnamon is planned for the next two years.

Economic empowerment and engagement of women

• ₹ 5,271 crore allocated for 2024-25 for empowering the women as presented in the gender budget.
• New program for providing funding support and for structured engagement with women’s networks.
• Allocation of ₹ 389 crore for strengthening SHG network under NRLM.
• Target to create women led enterprises with collective valuation of 1 billion US Dollar

Engaging and employing Youth

• Allocation of ₹ 2,853 Cr for investment in sports infrastructure, skill development, and entrepreneurship to engage youth.
• Skilling of 1.2 lakh youngsters in marketable skills under the ‘Skills Meghalaya’ program.
• A world-class Skills and Innovation Hub at New Shillong with a cost of ₹ 82 crore.
• ₹ 100 crore for the enhancement of PRIME and CM-ELEVATE.
• ₹ 400 crore crores for development key sports infrastructure like JN Stadium, PA Sangma Integrated Sports complex and Wahiajer Multi-Sports Complex.

Country’s best sustainable tourism destination

• ₹ 200 for development of new eco-tourism circuits across the state.
• ₹ 150 crore of new investment for development of unique tourism projects:
• Meghalayan Age experiential Centre at Mawmluh in East Khasi Hills
• Tribal heritage centre in Mandalgre in East Garo Hills
• Geology-museum at Nongnah in Southwest Khasi Hills
• Riverfront development of Umngot at Shnongpdeng, Darrang and Dawki, in West Jaintia Hills
• ₹ 50 crore for the creation of infrastructure at notified eco-tourism zones.
• Attracting private investments worth ₹ 1,000 crore to build high quality accommodation units. Land banks of nearly 400 acres has been earmarked to develop the infrastructure.
• Grants up to ₹ 25 lakh for community managed tourist sites for development of infrastructure at all Tourism spots.

Climate-resilient green economy

• ₹ 4,501 crore budget allocated for climate action in line with state’s climate resilient growth agenda.
• Expansion of the Green Meghalaya program to target conservation of 1 lakh hectares of forest area with an allocation of ₹100 Cr.
• Conserve additional 1 Lakh hectares of agroforestry area, by connecting farmers to international carbon markets.
• ₹ 515 crore for Climate Adaptive Community Based Water Harvesting Project.

Power generation

• Umiam-Umtru Hydroelectric Station is being augmented from 60 to 66 MW.
• Umiam Dam is being strengthened under the Dam Rehabilitation and Improvement Project.
• Formulation of a New Power Policy that will provide the framework for developing the power sector.
• The 22.5 MW Ganol Hydroelectric Project has been fully operationalized this year.