He voiced the concern that the fiscal deficit had risen far beyond the Fiscal Responsibility and Budget Management (FRBM) target of 3 per cent, and debt to the state gross domestic product (SGDP) above 30 per cent.
"The state government will have to devise a strategy that can bring about greater medium term macro-economic stability by bringing down both fiscal deficit and the debt trajectory to be in line with the rest of the country," Singh said.
He said Meghalaya's tourism potential could not only create jobs but also add to the GDP of state.
Stressing improvement in the road connectivity and opening up of Meghalaya's airspace, Singh said better links would be central to attract large number of tourist as well as promote high-end tourism.
Chief Minister Conrad K. Sangma said ban on coal mining in 2014 had a huge impact on the state's revenue and had also affected other allied sectors. It needed to be looked into and addressed, he added.
Noting that Meghalaya has moved forward, Sangma said there were challenges in the health and education sectors. "Around 30 lakh people will be covered under the Meghalaya health insurance scheme and health centres with high MMR and IMR will be paid special attention. All programmes and schemes will be monitored online for effective implementation," he said.
Stressing significance of 2022, he said the 50th year of statehood would be celebrated and the National Games be organised in Meghalaya.
"There are many challenges, but opportunities are immense. What's needed is the right policies, right investment and the need to work as a committed collective team to achieve the dreams," Sangma said.
( With inputs from IANS )