Bhubaneswar: Vishal Dev, Principal Secretary Finance is happy as the State has registered the real Gross State Domestic Product (GSDP) has registered a growth of 10.11 per cent in the financial year 2021-22 as compared to negative growth of 5.35 per cent in the last fiscal of 2020-21.
Mr.Dev recently reviewed GSDP Growth before the presentation of Annual Budget in the State Legislative Assembly with the senior officials of the Department of Finance.
The Real Gross State Value Added (GSVA) at basic prices, which broadly reflects the supply or production side of the State Economy, has registered a growth of 8.81% in the financial year 2021-22 (advance estimate) against negative growth of 4.26% in the previous financial year.
The real per capita income has also shown an expansion of 9.74% in the FY 2021-22 as against a contraction of 5.74% in the year 2020-21.
The contribution of the Primary Sector to GSVA is 24.45% in the last FY as compared to 25.53% in 2020-21. The contribution of the Secondary Sector and the Tertiary Sector stands at 34.82% and 40.73% respectively in 2021-22 as compared to 33.38% and 41.08% in 2020-21, respectively.
With the expansion of the economy, State’s Own Tax Revenue is budgeted at 28.05% of Revenue Receipts for 2022-23 (BE) as against 29.33% in 2021-22 (RE). State’s Own Non-Tax Revenue is budgeted at 29.40% of Revenue Receipts for 2022-23 (BE) as against 31.53%in 2021-22 (RE).
Similarly, State’s Own Revenue (both tax and non-tax) is budgeted at 57.45% of Revenue Receipts for 2022-23 (BE) as against 60.86% in 2021-22 (RE). State’s share in Union Tax is budgeted at 22.55% of Revenue Receipts for 2022-23 (BE) as against 23.83% in 2021-22 (RE).
The Grant-in-Aid from Centre is budgeted at 20% of Revenue Receipts for 2022-23 (BE) as against 15.31% in the last year.
The shares of State’s own revenue, State’s share in Union tax and Grant-in-Aid from Centre for the current fiscal are budgeted at 57%, 23% and 20% of revenue receipts respectively. However, State’s share in Union Tax has declined to 23% of revenue receipts in the year 2022- 23 from 24% in the last fiscal.
Committed expenditure is budgeted at 27.97% of total expenditure in 2022-23 as against 29.26% in 2021-22. The two components of committed expenditure (pension and salary) are estimated to decline in 2022-23 compared to 2021-2), while there is an increase in interest payment in the same period, said the report.
For FY 2022-23, the government has made provisions of Rs 56846.81 crore, Rs 41239.63 crore, and Rs 27246.55 crore for gender, nutrition, and child, respectively.
In the 2022-23 budget estimation, the highest resource allocation is made for Panchayati Raj & Drinking Water (10.87%), followed by School and Mass Education (10.32%), Agriculture and Allied Sector (9.99%) and Health & Family Welfare (6.17 %).
The top ten sectors account for 55.8% of the total budgeted expenditure in 2022- 23. These sectors are mainly from social services and economic services sectors. Other sectors account for 44.2% of the total expenditure, out of which the share of the Department of Finance is 29.28%.