Odisha’s Fiscal Trends Move Upward by end of the third quarter

Bhubaneswar:4/1/23: State keeps up the upward trend in fiscal trends by end of the third quarter of the current fiscal year. By December end of current year, total revenue collection has grown around 5.6% over corresponding period of last financial year. This was revealed during all Secretaries meeting held under the Chairmanship of Chief Secretary Suresh Chandra Mahapatra at 2nd Floor Conference Hall of LoksebaBhawan today wherein Principal Secretary for Finance Vishal kumar Dev outlined the financial updates of the State for discussion.

Reviewing fiscal performances of various departments, Chief Secretary Mahapatra directed the departments to avoid parking of funds at the bank account of the implementing agencies so that actual expenditure would be reflected on the common treasury portal. He also emphasized on strengthening of internal audit mechanism for wider transparency. Chief Secretary directed the departments to adopt 5-T parameters scrupulously while dealing with financial matters. The submission of Utilization Certificates in time bound manner should be given priority, he averred.

It was revealed during discussion that the revenue generation from own tax sources increased by 13.51% with a total collection of around Rs.32029 cr by the end of December,2022 against corresponding period of last year’s collection of Rs.28,216 cr. Similarly, the revenue generation from non-tax sources grew around 1.17% by end of December, 2022 in comparison to the corresponding period of the last year with a total collection of around at Rs.63523 cr. Accordingly, the total revenue generation from both the sources by end of December 2022 has increased around 5.6% over the corresponding period of last fiscal. In real terms, the total revenue has touched Rs.101119cr by end last year. In spite of negative growth in grants from the central government by about 21%, total revenue has been increased by 5.6%, it was revealed.

Keeping in tune with the revenue generation, the budget utilization by end of December grew around 2.26% over last fiscal year. The budget utilization in agriculture and allied sector, infrastructure spending, social sector has been increased.

Development Commissioner Pradeep Kumar Jena, Forest, Environment & Climate Change Additional Chief Secretary Dr. Mona Sharma along with Additional Chief Secretaries, Principal Secretaries, Secretaries and Special Secretaries of all departments participated in discussions.