The size of the State economy has increased from ` 4 lakh crore in 2016-17 to `4.25 lakh crore in 2017-18 and `5 lakh crore in 2020-21 and nearly `6 lakh crore during the current financial year, sources said.
Similarly, the State Budget has also increased from `95,000 crore in 2016-17 to over `1 lakh crore in 2018-19 and `1.39 lakh crore in 2019-20 and `1.5 lakh crore in 2020-21.
Despite the Covid-19 pandemic, the size of Annual Budget of Odisha in 2021-22 has increased by around 26% to `1.70 lakh crore. The public has also gone up even at a faster rate.
On September 17, Chief Minister Naveen Patnaik had said the State economy is bouncing back from the adverse impacts of the pandemic and is back to track.
Investors are expanding their existing projects in Odisha in spite of the impact of Covid pandemic. We have attracted investments to the tune of over Rs 4.5 lakh crore since the pandemic, the CM said.
The State has been consistently generating surplus revenue and containing Fiscal Deficit within the Fiscal Responsibility and Budget Management (FRBM) limit. The States GST collection in July this year also registered a 54% Growth over the corresponding period of the previous year.
In spite of the Covid-19 restrictions, the State recorded a growth of 72% in revenue collection till August 31 of the current financial year 2021-22. The State has collected revenue worth Rs 31,198.58 crore from various sources by the end of August while the collection during the same period of 2020-21 was Rs 18,149.38 crore.
The revenue generation from own-tax sources grew by 32.64 and the non-tax revenue increased by 130.44% by August 31. The expenditure of the State has also gone up by 27.72% by August 31. The total expenditure till end of August was Rs 40, 299 crore whereas the total expenditure up to the same period of last fiscal was Rs 33,769.84 crore.
Similarly, the debt stock of the State by the end of July 2021 stood at 17.6% against the FRBM limit of 25%.
The capital outlay is budgeted at Rs 25,788 crore, around 15% of the total budget of 2021-22, the sources said..