Bhubaneswar: Ace Financial Analyst, Rajib Sekhar Sahoo has advised the State Government to go for ‘Futuristic Revenue Generation’ approach.
While State Government has been able to receive wider appreciation for its ‘Prudent Financial Management’, it needs to revisit its Revenue Generation Policy, opined Shri Sahoo, known for his financial acumen.
Shri Sahoo said that Odisha is among the handful of State that have posted revenue surplus for several years during this period.
The State continuously strives to enhance fiscal sustainability and improve budget performance by strengthening medium-term fiscal framework and improving budgetary transparency, which is appreciable.
However major source of Own Non Tax Revenue is from Mining Sector, which is volatile. With Market fluctuation and imposition of stringent export duty, there was contraction in Mining Revenue for last few months.
Now it has increased of late, thanks to the decision of Government of India to withdraw iron ore export duty and ease in Market.
Most importantly Mining Sector is not a renewable one so more dependence on this sector for revenue generation is not advisable.
Going for new sectors for generation of revenue and futuristic planning is needed for the State Government, which is pumping more and more resources for Development Programs and People Centric Schemes.
While Odisha Government has been successful in projecting Odisha as India’s leading investment destination, more is needed, pointed out Shri Sahoo.
Major Engineering Industries are to be roped in, which will generate robust revenue in the State.
Secondly Service Sector requires more incentives and Odisha is now a resourceful State, so it can use its resources.
Thrust is needed on Hospitality, Tourism, IT ITES sectors, which will generate more revenue and employment, said the Top Financial Brain.
