Meghalaya only state in country to achieve consistent growth rate of about 10% over 3 consecutive yrs post Covid: CM
"Meghalaya is the only state in the country which has achieved a consistent growth rate of about 10% over three consecutive years post the Covid pandemic. How did Meghalaya transform from a state growing at 5% to a state growing at 10%? Meghalaya's growth rate in 2015-16 was 2%, 2016-17 was 5%, 2017-18 was 4%, 2018-19 was 5%, and 2019-20 was 5%. In contrast, the growth rates in 2022-23 were 10%, 2023-24 was 11%, and 2024-25 is 10%.
This achievement is the result of years of persistence, careful planning, and the hard work of the Govt," said the CM, who also holds the finance portfolio.
He said after spending four days in Meghalaya last month, meeting farmers, youth, entrepreneurs, women, and community members, Union finance minister Nirmala Sitharaman described the state as a "shining example of a confident and self-reliant India".
The CM also expressed gratitude to Prime Minister Narendra Modi, who had recently recognised Meghalaya's development model, describing it as a "blueprint for an
Aatmanirbhar Bharat
".
The CM said similar sentiments were echoed by the chairman of 16th Finance Commission, development partners from World Bank, Asian Development Bank, and leaders from the private sector.
"We are at a midway point in the 15-year journey, from 2018 to 2032, when we commemorate 60 years of Meghalaya's statehood. In 2018, our GDP was less than Rs. 30,000 crore. In seven and a half years, we have doubled the GDP to Rs 59,626 crore. In the next seven and a half years, we will more than double our GDP from the current Rs 60,000 crore to Rs 1,40,000 crore. This increased GDP will lead to more jobs for our youth, more opportunities for every citizen, and make Meghalaya one of the top 10 states in the country," the CM said.
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A credit utilisation ratio of 30% or lower contributes positively towards increasing the credit score. On the other hand, a credit utilisation ratio of more than 30% contributes to decreasing the credit score. 'The impact of closing a credit card depends largely on the credit utilisation ratio. After credit card closure, if your overall utilisation ratio crosses around 40%, the effect starts turning negative. At a 50–75% credit utilisation ratio, your score can drop by 20–50 points. Between a 75–90% credit utilisation ratio, the drop in credit score may be 50–75 points. Above a 90% credit utilisation ratio, you could lose more than 75 points almost immediately,' adds Manish Shara. Reduces the length of the credit history: When you close an old credit card, it reduces the length of your credit history. Credit age is one of the parameters that goes into calculating the credit score. A higher credit age contributes positively to increasing the credit score. On the other hand, the closure of an old credit card contributes to decreasing the credit score. 'Closing your oldest card can shorten your credit history, which influences how lenders view your stability. While it may be sensible to close newer unused cards, it is rarely wise to close your longest-held account,' adds Manish Shara. We have discussed how closing an old credit card can increase your credit utilisation ratio and reduce the length of your credit history. Both, these factors impact your credit score negatively. So, what can you do instead? You can request the bank to make the credit card lifetime free instead of closing it. Once the card becomes a lifetime free card, you need not worry about closing it. All you need to do is do a small transaction every few months to keep the card active. Also, if you have to close an old credit card, there will be a short-term impact on your credit score. However, when you continue making regular, timely bill payments and maintain a credit utilisation ratio at 30% or lower, the credit score will recover in the next few months. 'The takeaway is simple: the decision to close a card should be strategic, not emotional. We advise customers to weigh the benefits lost against the potential impact on their credit profile. We tell them to always consider how it affects both utilisation and credit age, before taking the final call,' concludes Manish Shara. Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards, and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. For all personal finance updates, visit here.
