Odisha’s 2023-24 budget to be 10 percent larger than last year

BHUBANESWAR: The state government on Friday started preparations for the 2023-24 budget with Finance minister Niranjan Pujari presiding over a consultation meeting. As the state economy is on a path of recovery after the Covid pandemic, the size of the budget is likely to be 10 per cent more than the previous year. The government had presented a budget of `2 lakh crore for 2022-23. The budget is likely to be the last before the 2024 elections and a major portion of the funds will be allocated for a large number of welfare measures announced by the state government.

Three former finance ministers, Prafulla Chandra Ghadei, Sashibhusan Behera and Panchanan Kanungo attended the meeting. They advised the state government to take resource-generating decisions to promote tourism in the state. “Temple tourism should not be the only one to be promoted. The state government should look for other avenues for increasing income,” Kanungo said.

Official sources maintained with the state maintaining a robust growth rate of over 6.5 per cent and tax collection remaining satisfactory, the size of the budget will be definitely more than the previous year. The state government has already started the official preparation of a budget and a decision will be taken in this regard.

As the state budget will be placed after the central budget, things will be much clear on it in the first week of February. The state government will no longer have to anticipate the size of the central share and other assistance, he said, adding it will be much easier to prepare the budget.

Official sources maintained that several participants at the meeting on the day advised the state government to increase capital investment and increase allocation in infrastructure-related departments. The first session was attended by former finance ministers, former finance secretaries and senior officers of the Reserve Bank of India and NABARD.

In the second session, field experts, representatives of traders and industrialists, agricultural experts, labour union representatives, environmentalists, handicraft artisans and handloom weavers, columnists and NGO representatives participated. The Finance department maintained the feedback received at the meeting would be considered and forwarded to the concerned administrative departments for consideration while formulating an annual budget for the year 2023-24.

Budget plans

 Govt had presented budget of `2lakh crore in 2022-23
 The 2023-24 budget will be the last before next elections
 Former finance ministers stress income from tourism
 Major portion of funds to be allocated for govt’s welfare schemes