The correct answer is: a) Own-tax revenue.
Own-tax revenue is the revenue that a government collects from taxes that it has the power to levy. This includes taxes on income, property, sales, and other sources. Own-tax revenue is the most important source of revenue for most governments, as it gives them the most control over their finances.
Central tax devolution is the revenue that a government receives from the central government as a share of taxes collected by the central government. This revenue is shared among the states based on a formula that takes into account factors such as population and income. Central tax devolution is an important source of revenue for many states, but it is not as important as own-tax revenue for most states.
Grants-in-aid are payments that a government receives from the central government or from other governments. Grants-in-aid are often used to support specific programs or projects. They are not as important a source of revenue as own-tax revenue or central tax devolution for most governments.
Public debt is the money that a government borrows. Governments borrow money to finance their operations, to invest in infrastructure, and to respond to emergencies. Public debt can be a significant source of revenue for governments, but it is also a source of risk. If a government borrows too much money, it may not be able to repay its debts, which could lead to financial instability.
In the case of Odisha, own-tax revenue is the most important source of revenue. In 2019-20, own-tax revenue accounted for 62% of the state’s total revenue. Central tax devolution accounted for 23% of the state’s total revenue, grants-in-aid accounted for 12% of the state’s total revenue, and public debt accounted for 3% of the state’s total revenue.