State government to introduce 2 bills in the concluding budget session
The Meghalaya Government to introduce 2 Bills in the Budget Session which will be concluded on 19 March 2020 i.e. Amendment to the Meghalaya Fiscal Responsibility and Budget Management Act, 2006 and the Meghalaya Integrated Transport Project (MITP).
Speaking after the Cabinet meeting James K Sangma said that the cabinet has approved to introduces Meghalaya Fiscal Responsibility and Budget Management Act, 2006 with an aim to increase in the Net Borrowing Ceiling (NBC) from the existing 3 percent of the GSDP to 4.1 percent.
“As the budget session of the Meghalaya Legislative Assembly is currently going on and In view of the fiscal stress in the state, it was proposed that the amendment of the MFRBM Act, 2006 should be regularized by a regular enactment” he added.
Regarding the Meghalaya Integrated Transport Project (MITP), James Sangma said that the Bills aims to avail loan with an objective to improve road connectivity, ropeways and inland and waterways for transportation while keeping in view the tourism opportunities in the state.
The Minister said that this project is expected to bring about access to market, ease traffic congestion and to promote socio-economic development.
“I would like to inform you that the department of economics affairs, govt of India, ministry of finance had approved the project for external assistance of 300 million US dollars to be sought in two phases of 150 million US dollars” he added.