Bhubaneswar: Odisha has now become more than a $100 Billion economy. Since 2015-16, the State has registered an average growth of 7.25 percent, which is about 1 percent higher than the average growth of the national economy, Finance Minister Bikram Keshari Arukha said today.
While delivering the interim budget speech in the Assembly, Shri Arukha said, “As per advance estimates for 2023-24, it is projected that the State economy will grow at 8.5 percent compared to 7.3 percent of the country. Thus, Odisha continues to be a bright spot in the whole country.”
This is the outcome of the consistency in efforts and pro-development and pro-people policy of the Government under the visionary leadership of Chief Minister Naveen Patnaik, he said.
Later Minister Shri Arukha and Principal Secretary Finance, Vishal Dev briefed Media about the Interim Budget.
Informing about the fiscal status of the state, he said the debt stock at the end of 2024-25 is projected to remain at 13.1 percent of GSDP against the FRBM (Fiscal Responsibility and Budget Management Act, 2003) mandated level of 25 percent.
Similarly, the interest payment to revenue receipt ratio is projected to remain at 3.7 percent against the FRBM prescribed level of 15 percent. Thus, all debt parameters are well within the sustainable level, The Minister stated.
“We are the pioneer State to launch Ama Bank Scheme during 2023 as an initiative to provide banking services at all 4,373 un-banked GPs through establishment of CSP Plus Outlets in partnership with six Public Sector Banks,” he pointed out.
In the first phase, he said, 750 CSP Plus outlets have been made operational. In the second phase, around 2000 CSP Plus outlets will be operationalized shortly. This is an exemplary model to provide minimum 15 banking services free of cost including door step banking for senior citizens, differently abled persons and pregnant women.
This is a landmark initiative by any State Government aimed at transforming financial inclusion and taking it to the next level in line with the 5T mantra of Chief Minister, he further said.
The Finance Minister again informed that the revised estimates for 2023-24, the total expenditure from consolidated fund is estimated at Rs 2,30,000 crore. Total revenue receipt is estimated at Rs 1,85,500 crore and revenue expenditure at Rs.1,63,089 crore.
Thus, the Revenue surplus is estimated at Rs.22,411 crore in the revised estimates for 2023-24. The fiscal deficit is estimated to be contained at Rs.24,982 crore, which would be 3 percent of GSDP, he added.
The availability of Revenue Receipt for the Financial Year, 2024-25 has been worked out at Rs 2,04,000 crore and the Revenue Expenditure has been estimated at Rs 1,66,923 crore.
Stating that the capital outlay in 2024-25 is Rs 63,162 crore, which is about 6.8 percent of GSDP, Arukha said, “This would be one of the highest among all major States. The estimated revenue surplus is of the order of Rs.37,077 crore, which would be 4 percent of GSDP. The estimated fiscal deficit of Rs.27,750 crore would amount to 3 percent of GSDP.”
“We have already undertaken a set of reform measures to accelerate the pace of development. Because of fiscal reform measures under the able leadership of the Chief Minister, we have been able to ensure fiscal discipline and generate revenue surplus continuously right from implementation of the fiscal responsibility legislation during 2005, thereby creating additional resources to finance capital outlay. Odisha’s Non-tax revenue collection is the highest among all States in the country,” he noted.
