Odisha budget for 2013-14: Highlights

Reading the Odisha budget speech, the finance minister Prasanna Acharya presented at revenue surplus budget for 2013-14 contains total outlay of Rs 60303.09 crore. Which is 20 per higher than the previous budget presented by the former finance minister Prafulla Chandra Ghadai of Rs. 52,030.70 crore for the year 2012-13.

According to the government data, the state government projected a revenue surplus of Rs 1904.61 crore that weighs 0.65 per cent of gross state domestic product (GSDP).

Prominence has been given to agriculture sectors, as the Chief Minister Naveen Patnaik told media that “In the history of Odisha Budget, it is for the first time that we have placed a separate agriculture budget. In this budget, we have given emphasis on agriculture & allied sectors.”

Odisha Budget Highlights

• The total budget outlay has increased from ­Rs. 52030.70 crore in 2012-13 to ­ ­Rs. 60303.09 crore in 2013-14. The overall increase in budget size is about 16%.
• The outlay for the State’s Annual Plan 2013-14 has been fixed at ­ ­Rs. 21467 crore for the financial year 2013-14, which includes an outlay of ­ ­Rs. 19367 crore for the Government sector and ­2100 crore for the Public Sector Undertakings. 
• The size of Non-Plan expenditure is contained with a growth rate of only 10.5% to create more fiscal space for plan investment. 
• Thus, there is 27.4% increase in State Plan provision in Government sector from ­ ­Rs. 15200 crore in 2012-13 to ­ ­Rs. 19367 crore in 2013-14. 
• The Plan: Non Plan ratio has gone up from about 27% in 2006-07 to about 59% in 2013-14. This is the highest ever ratio achieved by Odisha. 
• Total Capital Outlay has been increased to ­ ­Rs. 7840.13 crore. Besides, ­3496.45crore has been provided as grants for creation of capital assets. 
• The Budgeted Expenditure for 2013-14 will be financed through estimated revenue receipts of ­Rs. ­51298.98 crore, recovery of loans and advances of ­ ­Rs. 240.29 crore and borrowing and other receipts of ­Rs. ­8763.82 crore. 
• Revenue surplus of ­ ­Rs. 1904.61 crore has been projected in the Budget Estimatesfor 2013-14 which is 0.65% of GSDP. 
• The Fiscal Deficit is projected at ­ ­Rs. 5945.13 crore which is 2.03% of GSDP. 
• The yearend debt stock for the financial year 2013-14 is estimated at ­Rs. ­45561.12 crore which is 15.58% of GSDP. 
• The interest payment to revenue receipt ratio is estimated at 9.76% for 2013-14. 
• Thus, the Annual Budget for 2013-14 is fully compliant to provisions of FRBM Act.

Agriculture Budget Highlights

• For the first time, the State has prepared a separate Agriculture Budget for the development of the agriculture and allied sectors as well as welfare of the farming community.
• Odisha is the second State in the country after Karnataka to present a separate budget for agriculture and allied sectors. 
• The allocation for agriculture and allied sectors in this Budget has been substantially enhanced from ­ ­Rs. 5627.87 crore in 2012-13 to ­Rs. ­7161.84 crore in 2013-14. 
• The step up in provision in the sector is more than 27%.

Natural Calamity

• Provision of ­Rs. ­453.31 Crore and ­ ­Rs. 200.00 Crore have been made towards State Disaster Response Fund (SDRF) and National Disaster Response Fund (NDRF) respectively in the BE for 2013-14 under Non-plan.

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Odisha Budget 2012-13, Priority to Agriculture Sector

Odisha News: The Finance Minister of Odisha, Prafulla Chandra Ghadai has presented the
state budget for the year 2012-13 giving priority to the agriculture sector. The finance minister has given special attention for agriculture in the state, as in this Odisha budget the allocation for agriculture department has been increased by 42.64 per cent to Rs 1,516.16 crore from Rs 1,167.98 crore in 2011-12.

The finance minister also hiked the VAT to 5 per cent from 4 per cent making medicine, steel, food items, sugar and textile dearer for the consumers in the state from April 2012.

Ghadai has presented a revenue surplus budget of Rs. 52,030.70 crore for the year 2012-13. The fiscal deficit of the state has been pegged at Rs 4,751 crore, considering the revenue surplus of Rs 2,410.77 crore out of the total fiscal deficit of Rs 52,755.15 crore.

Rs. 17, 200 crore have been fixed for the state's annual plan size for 2012-13 and estimated Rs 34,350.49 crore for non-plan expenditure in the state budget.

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