Bhubaneswar: On Friday, Odisha Finance Minister Bikram Keshari Arukha presented a supplementary budget of Rs 28,200 crore for 2023-24 in the State Assembly. This budget includes Rs 20,100 crore for program expenditure, Rs 2,864 crore for administrative expenditure, Rs 4,664 crore for disaster management, and Rs 572 crore for transfer to local bodies.
Out of the Rs 20,100 crore for program expenditure, Rs 15,624 crore is allocated for State Sector Schemes (SSS), Rs 4,441 crore for Centrally-Sponsored Scheme (CSS), and Rs 35 crore for Central Sector Scheme. The Panchayati Raj and Drinking Water department will receive Rs 3,417 crore, the education and skill development sector will receive Rs 3,336 crore, and Rs 1,613 crore will be provided for agriculture and allied activities.
Additionally, Rs 1,136 crore is allotted for ST and SC development and minority and backward class welfare, Rs 771 crore for social security, Rs 1,253 crore for Mission Shakti, and Rs 862 crore for public healthcare.
Under administrative expenditure, an additional fund of Rs 2,864 crore has been provided for salary, dearness allowance, arrears, recruitment tests, elections, and police arrangements.
The government has also allocated funds for newly launched schemes and programs. This includes Rs 1,302 crore for Ama Odisha Nabin Odisha program, Rs 556 crore for Location Accessible Multi-modal Initiative (LACCMI) scheme, Rs 210 crore for Metro rail project, Rs 21 crore for Odisha transport drivers and workers welfare scheme, and Rs 252 crore for IT connectivity to panchayats.
According to the Finance Minister, till August of the financial year, the State’s revenue collection and expenditure have grown by 19% and 39% respectively. The supplementary budget aims to maintain revenue surplus, contain fiscal deficit within 3% of GSDP, and maintain the debt-GSDP ratio at the year-end within the mandated level of 25%.
As of July 2023, Odisha’s total debt burden is Rs 88,487 crore with a debt to GSDP ratio of 10.27%. The interest payment to revenue receipt ratio is 1.94% and the per capita loan burden stands at Rs 19,171.
The capital outlay for the year 2023-24, including the supplementary provision, will exceed 6% of GSDP. This will contribute to economic growth and support the implementation of various development and welfare programs.