 "Economic growth, GDP")
Meghalaya Chief Minister Conrad K Sangma on Saturday asserted that the state needs to sustain 11.5 per cent annual GSDP growth to achieve the ambitious target of becoming a USD 10 billion economy by 2028.
Addressing a gathering after laying the foundation of a Rs 100 cr bulk water supply project at Ballonggre in West Garo Hill district, Sangma said that the state is at present a Rs 45,000 crore economy and that needs to be improved.
"It is a herculean task but the state government has charted out a roadmap to achieve the target," he said.
The CM asserted that his government has a vision for the state and investments are being made to build better and sustainable infrastructure, create jobs through entrepreneurship and adopt innovative policies and programmes to increase farmers' income.
He said a thrust has been laid on improving rural economy by focusing on enterprises that will leverage the potential of the rich natural resources of the state.
He asserted that Meghalaya has won accolades for implementation of various central government schemes, including PMGSY, PMAY, JJM, and MGNREGA.
More From This Section
"The PHE department's budget has increased from Rs 50 crore in 2019 to Rs 3,000 at present. Focus is on creation of better infrastructure to overcome various challenges related to water supply," he said.
Launching MegARISE, a project focussing on protection of vulnerable catchment areas in the state, in Tura, the CM said, "The project focuses on safeguarding the critical Umiew catchment in East Khasi Hills district and the essential Ganol catchment in West Garo Hills. These catchment areas serve as lifelines for two of Meghalaya's most densely populated cities -- Shillong and Tura.
He said the state government has partnered with KfW (German Development Bank) to implement the project.
The project will benefit 106 villages across 39 micro-watersheds within these catchment areas. It will be implemented over a period of 7 years with total financial outlay of Rs 344 crore and will be executed by Meghalaya Basin Development Authority (MBDA).
The Gross State Domestic Product (GSDP) of Meghalaya for 2023-24 (at current prices) is projected to be Rs 46,600 crore, amounting to a growth of 11.5 per cent over 2022-23.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
