Odisha keeps up the upward trend in fiscal trends by end of February 2023 of the current fiscal year

Bhubaneswar:4/3/23: Odisha keeps up the upward trend in fiscal trends by end of February 2023 of the current fiscal year.  By December end of the current year, total revenue collection has grown around 0.61% over the corresponding period of the last financial year.

This was revealed during the All Secretaries meeting held under the Chairmanship of Chief Secretary Pradeep Kumar Jena at the 3rd Floor Conference Hall of Lokseba Bhawan today wherein Principal Secretary for Finance Vishal Kumar Dev outlined the financial updates of the State for discussion.

Reviewing the fiscal performances of various departments, Chief Secretary PK Jena directed all the departments to devise a strategy for more budgetary utilization. He also emphasised the strengthening of complete digitalising of all government payment and receipt systems. The submission of Utilisation Certificates in time bound manner should be given priority, he directed.

It was revealed during the discussion that the revenue generation from own tax sources increased by 15.31% with a total collection of around Rs.40876 cr by the end of February 2023 against the corresponding period of last year’s collection of Rs.35449 cr. Similarly, the revenue generation from non-tax sources grew negatively by around 0.69% by end of February 2023 in comparison to the corresponding period of the last year with a total collection of around Rs.78916 cr.

Accordingly, the total revenue generation from both the sources by end of February 2023 has increased by around 0.61% over the corresponding period of the last fiscal. In real terms, the total revenue has touched Rs.129037cr by end of this February. In spite of negative growth in Own Non-Tax Revenue and grants from the central government by about 9.5%, total revenue has increased by 0.61%, it was revealed.

Keeping in tune with the revenue generation, the budget utilisation by end of February grew around 1.3% over the last fiscal year.  The budget utilization in agriculture and its allied sector and infrastructure sector spending has been increased.

Development Commissioner-Cum- Additional Chief Secretary Smt. Anu Garg, Principal Secretary for Finance Vishal Kumar Dev along with Additional Chief Secretaries, Principal Secretaries, Secretaries and Special Secretaries of all departments participated in discussions.