States

FM presents Rs 1.7 lakh crore budget; focus on bringing economy back on track, ‘Empowered Odisha’

By Express News Service

BHUBANESWAR: Finance Minister Niranjan Pujari on Monday offered a Rs 1.7 lakh crore price range which tried to take care of the fantastic steadiness between State authorities’s ‘New Odisha-Empowered Odisha’ objective and placing the pandemic-hit economy back on observe.

The State Budget 2021-22 with a measurement of round 13 per cent (computer) greater than the earlier 12 months’s Rs 1.5 lakh initiatives excessive aspiration in direction of a turn-around to the pre-Covid interval with expectation that the State’s personal income will develop by 10 computer through the 12 months.

Focus has been on key sectors like agriculture, well being, infrastructure, city improvement, employment and livelihood in addition to schooling whereas retaining the thrust on high-profile initiatives that the federal government would search to trip on when the native elections draw close to. 

Expectedly, the well being sector obtained a 19 % bounce with an allocation of Rs  9,164 crore whereas a large Rs  12,000 crore for piped consuming water provide initiatives has been deliberate in sync with the Union Budget. The highest allocation of Rs 24,370 crore, nevertheless, went to schooling and ability improvement. 
Similarly, agriculture and water sources sectors additionally obtained a lot consideration with the federal government allocating over Rs  25,000 crore for these two. 

The Finance Minister introduced launch of a brand new scheme, Urban Wage Employment Initiative-MUKTA to supply wage alternatives to city poor together with the city poor and migrant labourers who’ve misplaced their jobs. Besides, Rs 3,000 crore has additionally been introduced with a goal for development of 5 lakh pucca homes via a convergence of PMAY-GRAMIN and Biju Pucca Ghar scheme. 

With livelihood a serious challenge post-Covid, Pujari proposed a corpus fund of Rs 500 crore to facilitate well timed cost of wages underneath MGNREGA pending receipt of central help for wage element. His price range additionally allotted Rs 1,270 crore for Deen Dayal Antyodaya Yojana-National Rural Livelihood Mission and Rs 80 crore for Shyama Prasad Mukherjee RURBAN Mission.  The Rs 1 per kg rice scheme obtained Rs 969 crore for offering rice to all beneficiaries throughout 2021-22. 

The Finance Minister additionally introduced switch of Rs 6,950 crore to panchayati raj establishments and concrete native our bodies for provisioning of fundamental companies based mostly on the suggestions of fifteenth Finance Commission.“The State economy is now showing signs of recovery. Time has come to revert to our growth trajectory and aspire for transformative New Odisha once again,” Pujari stated in his price range speech.

As was anticipated, Pujari has tried to make the very best out of the restricted sources as a few of the flagship initiatives required his consideration. While Rs 500 crore was supplied to transform SCB Medical College and Hospital, Cuttack into an AIIMS plus institute, Rs 542 crore has been allotted for improvement of Puri into World Heritage City underneath ABADHA scheme. Another Rs 200 crore every has been allotted to Lingaraj Temple and Samalei schemes. 

However, the price range estimates are pushed by Rs 30,137 crore State’s share in Central taxes, Rs 37,963 crore grants from the Centre together with GST compensation and gross borrowing together with different receipts of Rs 44,400 crore, which account for practically two-third of the receipts.

Despite the try by the Finance Minister to create a way of optimism amidst the Covid-19 pandemic, the precarious funds are seen throughout. The estimated income receipts of Rs 1,25,600 crore will rely on Rs 37,500 crore personal tax income and Rs 20,000 crore non-tax income of the State, although the economy is but to get better from the pandemic induced slowdown.

In happier occasions earlier than the pandemic, the federal government had estimated personal tax income of Rs 38,500 crore and non-tax income of Rs 17,650 crore in earlier 12 months’s price range. It stays to be the seen how the State can obtain a better tax and non-tax income within the ensuing 12 months when the economy has been severely battered by the pandemic.

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