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Mineral Boom Boosts Revenue

Bhubaneswar: With the Mineral Sector boom, Odisha is earning more revenue from Mining and Metallurgical Sector and it has come as a boon for the State, which requires more funds for taking up developmental projects and keeping its social commitments.

While Budget Estimate for collection of Mineral Revenue was estimated for 2021-22 at Rs.13,700 Crore, by 30 September, it has crossed Rs.18,840 Crore. On an average Odisha is collecting Mining Revenue Rs.3000 per month. By 30 September, Odisha has received Rs.18,841.54 Crore, while registering 221 Percent growth over corresponding period of 2020-21.

State Government officials were expecting less Mineral Revenue during 2021-22 as during 2020-21 the State has been able to collect Rs.13,791.72 Crore, while Budget Estimate for collection of revenue from Non Ferrous Mining and Metallurgical Industries was set at Rs.13,700 Crore.

However with international price of metals on high rise, Mining Revenue has been registering high growth on continuous basis. With such a trend it is expected that Odisha Government will be able to collect more than Rs.36,000 Crore by 31 March, 2022 from this sector.

As per stats, by 30 September, 2019, collection from Mineral Sector was Rs.5221.91 Crore, which went up to Rs.5870.74 Crore by 30 September, 2020.

Within six months Odisha Government has achieved more than 137 Percent of Budget Estimate for 2021-22 so far Mineral Revenue collection is concerned.

While Non Tax Revenue collection target for 2021-22 was set at Rs.20,000 Crore, till 30 September, State has been able to mop up Rs.19,922.85 Crore in this sector, thanks to huge rise in Mineral Revenue, which forms the part of Non Tax Revenue Zone.

So far Own Tax Revenue Collection is concerned, by 30 September, Odisha Government has been able to collect Rs.17,553.23 Crore, while registering growth of more than 30 Percent over corresponding period of 2020.

Budget Estimate for Own Tax Revenue collection was set at Rs.37,500 Crore and State Government has been able to mop up 46.81 Percent within six months, which is a positive indication so far  revenue collection is concerned, experts opine.

State Excise has registered more than 103 Percent growth over corresponding period of 2020 as collection has crossed Rs.2402.84 Crore by 30 September.

Commercial Tax collection has achieved more than 46 Percent growth with collection of Rs.11,754.24 Crore by 30 September. Target for Financial Year 2021-22 was Rs.24,070 Crore and achievement is more than 48 Percent, which is satisfactory, officials say.

In fact so far collection of Goods and Services Tax (GST), Odisha is leading from the front among other states of the country. Continuously Odisha is registering higher growth strata and in Septemebr, it has registered 48 Percent growth, which is highest among the States, officials say.

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