Bhubaneswar, Feb 8 (IANS) Odisha Finance Minister Bikram Keshari Arukh on Thursday presented vote-on-account of Rs 1.18 lakh crore for first four months of financial year 2024-25 in the Assembly here on Thursday.
Meanwhile, the total budget outlay for the next financial year of 2024-25 has been pegged to Rs 2.55 lakh crore. As per advance estimates for 2023-24, it is projected that the state economy will grow at 8.5 per cent compared to 7.3 per cent of the country.
Highlighting the rapid strides made by Odisha’s economy in the last two decades, Arukh said the state is on a path of unprecedented transformation.
“Since 2015-16, the state has registered average growth of 7.25 per cent, which is about 1 per cent higher than the average growth of the national economy. This has resulted in narrowing the gap between the per-capita income of the state vis-a-vis the national average from about 32 per cent to 13 per cent during the period,” Arukh said in the Assembly.
The total budget amounting to Rs 2.55 lakh crore, is equivalent to 27.5 per cent of the Gross State Domestic Product (GSDP).
This represents a noteworthy 11 per cent escalation in the budget size compared to the preceding fiscal year.
The government prioritises the education, health, agriculture and allied sectors, rural development and infrastructural sectors in allocation of funds for the 2024-25.
The state government has allocated Rs 28,944 crore for the Agriculture and allied sector which is 16.6 per cent higher than the funds allocated for the sector in the previous financial year.
The state government has allocated Rs 19,959 crore for the health sector for the financial year of 2024-25.
The government spent 22 per cent more than the amount allocated for the health sector in the previous financial year.
The funds allocated for the health sector is 2.16 per cent of GSDP in 2024-25.
Aiming to provide health assurances to around 90 per cent of the state population, the finance minister allocated Rs 5,450 crore for Biju Swasthya Kalyan Yojana, the flagship programme of state government.
Arukh during his budget speech highlighted the achievements of Odisha in the health sector such as Infant Mortality Rate, Maternal Mortality Ratio, etc.
“The capital outlay in 2024-25 is Rs 63,162 crore, which is about 6.8 per cent of GSDP. This would be one of the highest among all major states. The estimated revenue surplus is of the order of Rs 37,077 crore, which would be 4 per cent of GSDP. The estimated fiscal deficit of Rs 27,750 crore would amount to 3 per cent of GSDP,” Arukh highlighted.