Odisha budget for 2023-24 likely to touch 2.5 lakh crore

BHUBANESWAR: As the process of budget preparation continues, the state government is planning to present a budget of around Rs 2.5 lakh crore for 2023-24 which will be the biggest ever for Odisha.

Though tax receipts and expenditure have improved after the Covid-19 pandemic, the government expects an increase in state share in Central taxes compared to the last financial year. Sources said that the budget size will have an increase in the range of 10 to 25 per cent depending on the Central share to be received by the state.

Official sources said the state’s share in Central taxes was Rs 36,977 crore in 2022-23. The state share will have to increase at least by Rs 5,000 crore to support the Odisha budget. The revenue receipts of the state are also likely to increase and has been estimated to be around Rs 1.8 lakh crore, an increase of 15 per cent.

The state plans to raise around Rs 1 lakh crore through its own resources, both tax and non-tax revenue while the total expectations from the Centre including tax share is likely to be around Rs 75,000 crore. In the 2022-23 financial year, the tax and non-tax revenue was estimated at around Rs 95,000 crore. Official sources maintained that the growth in tax and non-tax revenue of the state has been as expected and is likely to cross the target by year end.

Sources said that in the 2023-24 budget projection, the tax and non-tax resources of the state will be 20 per cent more, though a conservative estimated of Rs 1 lakh crore has been made. The focus will be on arresting the decline in the level of revenue surplus though appropriate revenue augmentation and revenue expenditure rationalization measures. During the last three years, the state has presented a revenue surplus budget and it is expected that this year also it will be revenue surplus.

As the 2023-24 budget is likely to be the last before the general elections in 2024, announcements for all sections of people are likely to be made. Sources said as the Centre has launched its own free rice scheme, the state government is also likely to announce similar scheme. All the major schemes including the Biju Swasthya Kalyan Yojana and KALIA scheme are also expected to continue.