Northeast Desk, 17th November: Meghalaya Chief Minister Conrad Sangma on November 16 took the microblogging site X to communicate the latest Meghalaya Cabinet decisions. Notably, the Cabinet granted approval for amending the Meghalaya Fiscal Responsibility and Budget Management Act, 2006.
The Act underwent its most recent amendment last year, following Government of India’s authorization, enabling states to augment budget borrowings based on annual reforms.
Sangma emphasized that owing to reforms implemented by various departments last year, Meghalaya experienced a 4% increase in its borrowing limit. Expanding on this, the Chief Minister disclosed that this year, due to significant strides in power reforms, there would be an additional 0.5% increment in the budget borrowing limit.
Chief Minister Sangma remarked, “This strategic move underscores our commitment to financial responsibility while recognizing the dynamic needs of our state. By tying borrowing limits to reforms, we ensure a balanced approach to fiscal management.”
In another development, the Meghalaya Cabinet approved the renaming of the Labour Department to the Department of Labour, Employment & Skill Development. This decision aligns with the government’s vision to encompass a broader spectrum of responsibilities and better reflect the multifaceted nature of the department’s endeavors.
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