Home Finance State Eyes 1.62 L CR Revenue

State Eyes 1.62 L CR Revenue

Bhubaneswar: Looking at the trend of collections from both Own Revenue and Central Transfers, it is expected that Odisha will be able to receive Total Revenue Receipt of Rs.1,62,000 Crore.

While own Revenue collection by 31 March 2023 is expected to touch Rs.93,000 Crore, Central Transfers will be Rs.69,000 Crore.

Latest Financial Position of the State by end of November reveals the above financial trends..

It is expected that the Total Central Transfer from Government of India during 2022-23 will be Rs.69,000 Crore. Central Transfer includes Share Tax and Central Grants.

While the total Central Transfer as on 30 November was Rs.33,007 Crore. Which is 47 % of the Budget Estimate for 2022-23, senior officials are expecting that the Total Central Transfer by 31 March 2023 will be Rs.69,000 Crore. Target was Rs.69,766 Crore for 2022-23, while State received Rs.58,055 Crore on this account in 2021-22.

According to latest statistics, Total Own Tax Revenue collection by 30 November was Rs.28,217 Crore, which is likely to rise up to Rs.47,000 Crore by 31 March, 2023. Budget Estimate for 2022-23 was Rs.46,000 Crore. So there will be a marginal growth in Own Tax Revenue, officials opine.

However, Own Non Tax Revenue collection is concerned till end of November 2022, it was Rs.28, 204 Crore, which is 59% of the Budget Estimate. As collection trend is less, it is expected that Rs.46,000 Crore will be collected during 2022-23 as against the Budget Estimate of Rs.48,200 Crore.

So far Total Own Revenue collection is concerned by 30 November, 2022, it was Rs.56,421 Crore, which is 60% of the Budget Estimate of Rs.94,200 Crore. Looking at the trend it is expected that Total Own Revenue collection will be Rs.93,000 Crore.

While Revenue Collection is comfortable, Expenditure Performance is less than the corresponding period of last fiscal.

Total Expenditure by 30 November was Rs.79,690 Crore, which is only 43% of the Total Budget Provision.

Total Expenditure as on 30 November 2021 was 46% of the Budget Provision, officials say.

Expenditure in Agriculture and Allied Sector was Rs.8925 Crore, which is 44%, Infrastructure Sector spending was Rs.10,688 Crore, which is 42% and Social Sector Spending was Rs.35,015 Crore, which is 49 %. So Social Sector Spending was more than other sectors by 30 November 2022.

By 30 November, 2021, spending in Social Sector was 50%, Agriculture & Allied Sector was 44% and Infrastructure Sector was 29%.

Looking at the spending trends, the State Government has advised the senior officials to take necessary steps to increase spending in coming months, so that there will be larger achievements in the major sectors.