Odisha Budget bets on High Growth

By Express News Service

BHUBANESWAR: Aiming to offer a giant push to the pandemic-hit financial system, Finance Minister Niranjan Pujari on Saturday offered a full-fledged price range of Rs 2 lakh crore for 2022-23 anticipating a development charge of 8 to eight.5 per cent through the present fiscal.

The price range dimension stays the identical as what was projected on March 30, when the State authorities went for a vote on account for the primary 4 months of the monetary 12 months. However, the projected development, which might be above the nationwide development estimates, hinges on greater authorities spending and revival of the financial system publish Covid-19 pandemic.

The Finance Minister, although, has been cautious over the revival of the financial system and introduced to arrange a Budget Stabilisation Fund (BSF) of Rs 10,000 crore to mitigate the income shocks in future. Odisha is the first State within the nation to take such an initiative.

Though the programme expenditure stays the identical at Rs 1 lakh crore, the executive expenditure has been slashed from Rs 89,624 crore to Rs 74,261 crore. The administrative expenditure contains provision of Rs 29,248 crore, Rs 18,221 crore, Rs 8,467 crore and Rs 5,856 crore in direction of salaries, pension, curiosity cost and upkeep of capital property respectively.

The outlay for catastrophe threat administration stays the identical at Rs 3,210 crore whereas transfers from the State might be Rs 7,200 crore. The capital outlay has been projected at Rs 38,732 crore which is about 5.4 per cent of GSDP and 56 per cent enhance over the earlier 12 months. Additionally, loans and advances, grants for creation of capital property and different expenditure for capital formation collectively account for Rs 11,933 crore, which is a further 1.7 per cent of GSDP.

Pujari proposed to finance the price range primarily by means of income receipts of Rs 1,63,967 crore and borrowing and different receipts of Rs 36,033 crore. The income receipts embrace the State’s share in Central taxes of Rs 36,978 crore, State’s personal tax income of Rs 46,000 crore, personal non-tax income for Rs 48,200 crore and grants from Centre of Rs 32,789 crore.

Pujari stated, “As a sign of our economic prosperity, the share of our own revenue in the budget has exceeded the devolution from the Centre by a substantial margin. Thus, the Own Revenue/GSDP ratio would be 13.20 per cent in 2022-23.”

To obtain the excessive development charge, a number of key social sectors have been allotted greater allocation. Social sector expenditure has been pegged at 34 per cent of the whole price range whereas improvement sectors have been supplied the remainder of the funds.

While Rs 12,624 crore has been allotted for the well being sector, a rise of 38 per cent over the earlier 12 months, housing has acquired Rs 6,406 crore, a rise of 97 per cent. In a bid to make Odisha a sports activities hub, Rs 911 crore has been supplied for improvement of sports activities, a rise of 100 per cent. Similarly, power, and industries and MSME have gotten provision of Rs 3,497 crore and Rs 1,269 crore respectively. The allocation for spiritual and cultural locations is Rs 1,970 crore, a rise of 97 per cent. 

Allocation for agriculture and allied sectors elevated to Rs 21,166 crore within the 2022-23 price range, from Rs 20,344 crore that was projected within the vote-on-account. However, greater authorities spending will result in a excessive debt burden of Rs 1,12,400 crore which is 15.6 per cent of the GSDP. The fiscal deficit projected within the price range might be Rs 21,588 crore, 3 per cent of the GSDP.

Several key schemes of the State authorities together with KALIA and Biju Swasthya Kalyan Yojana (BSKY) have acquired greater allocation. While KALIA has been supplied Rs 1,874 crore, the BSKY has acquired Rs 2,664 crore. Besides, Rs 2,325 crore has been supplied below Mukhya Mantri Swasthya Seva Mission for upgradation of healthcare services throughout the State.