Odisha Records Periodic Fiscal Growth

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Bhubaneswar: The states’ financial performance by end of February of the current fiscal year has registered upward trend with the concurrent increase in both its major indicators like utilization of the budget allocations and revenue generation.

Chief Secretary Aditya Prasad Padhi who reviewed the financial scenario directed all departments expedite the implementation of the projects taken up under non-budgetary sources like District Mineral Foundation funds along with the budgeted projects.

The departments were asked to ensure 100% initialization of the budgeted funds and make the expenditure outcome oriented.

Development Commissioner R. Balakrishnan advised to simplify the norms regarding the sanction and implementation of the projects of under ‘Connect the Unconnected’ programme of State Government.

 Presenting the fiscal updates, Principal Secretary Finance Tuhin Kanta Pandey said, “Total programme expenditure up to February 2018 of current financial year has increased to Rs 41236 crore thereby recording a growth of around 11% in comparison to the same period of the financial year 2016-17.

The total programme utilization up to February, 2017 was around Rs. 37143 crore. The expenditure on social sector has grown by more than 20% and with total expenditure of Rs. 18621 crore and the spending on infrastructure has grown by 2% and with total utilization of around Rs.10,148 crore.

Similarly, utilization under agriculture and allied sector has grown up to Rs.9257 crore

 Keeping tune with the expenditure, the revenue generation from own-tax sources has increased around 29% over the last year till end of February.  The total collection from own tax sources up to February 2018 has reached around Rs 24568 cr against the total collection of Rs.19099 cr during same period of 2017.  Similarly, the revenue generation from non-tax sources has recorded an increase of around 9% with total collection of Rs.6683 cr against the last years’ collection of around 6157 cr. The total revenue collection from all sources up to February 2018 has grown around 24% with a grand total collection of Rs. 31,251 crore

“This growth excludes the GST compensation amount of Rs. 1326 crore”, said the Principal Secretary Finance Pandey.

 Overcoming the slowdown in world market, the revenue generation from mining sector up to February, 2018 has grown around 39% over the last year.

Principal Secretary Steel and Mines Raj Kumar Sharma appraised that total collection from mining royalty by end of February was around Rs.5246 crore against that of Rs. 3783 crore during the same period of last year.

The total dispatch of iron ore from the mining sites up to 1st week of March was around 120.63 million ton against the total dispatch of around 112 million ton during 2017.

Similarly, the total production of iron ore up to March 1st week of current year has been around 99 million ton against the total production of 97 million ton during the same period of last year.  This has been possible because of facilitating policies of the State Govt and constant follow up at ground level.

 Development Commissioner R. Balakrishnan,  Agricultural Production Commissioner Gagan Kumar Dhal, Additional Chief Secretary Higher Education G.V.V. Sharma, Additional Chief Secretary Micro Small & Medium Enterprises Laxmi Narayan Gupta   along with Principal Secretaries , Secretaries and Special Secretaries of all departments participated in discussions.

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