Odisha plans to borrow Rs14,388 cr to meet its expenses- Amat
27 February, Bhubaneswar
Odisha has planned to borrow Rs 14,388 crore during 2017-18 to meet its expenses,Finance Minister Pradip Kumar Amat said after presenting the state’s annual budget for 2017-18 in the Assembly. The state had borrowed Rs 6420 crore during 2016-27.
Amat said the state government will borrow Rs 10,273 crore from open market.The other sources of borrowing from where the state government can take loan are GPF, small savings scheme, world Bank, Asian Development Bank and from NABARD, he said.
The Finance Minister said though overall development of the state is the focus of the budget, education, skill development, health, drinking water, piped water programme, water resources were given priority. More than Rs 18,000 crore budgetary allocation has been made for education and skill development.
The Minister said the fiscal deficit is limited to 3.5 per cent of GSDP and kept within the permissible limit. He said the tax GSDP ratio for 2017-18 would be 6.5 per cent and the capital outlay of Rs 20,774 crore is 5.04 per cent of GSDP. The Rs 9023 crore grants for creation of capital assets and other expenditure for capital formation is 2.2 per cent of GSDP.
Mr Amat described the budget as an investment, growth, development and welfare oriented.The budget, he said, is broadly divided in to four categories of expenditureAdministrative expenditure, programme expenditure, disaster response funds and transfer from state.
The Finance Minister said the Home department was allocated Rs 4346.33 crore, Finance department Rs 21,488.46 crore, School and Mass Education department 13857.23 crore, works department RS 4964.34 crore, Higher Education department Rs 2092.22 crore,Water Resources department 9199.68 crore, Panchayati raj department 8473.83 crore, Revenue department 1016.67 crore.
He said a sum of Rs 1546 crore has been allocated for Parbati Giri Mega Lifit irrigation scheme and an outlay of Rs 2377 crore has been provided for eight ongoing AIBP projects for which funding has been tied up from long term irrigation fund under NABARD. Similarly Rs 2000 crore is provided for Sarba Sikhya Abhijan, Rs 860 crore for midday meal scheme and Rs 706 crore for Rashtriya Madhyamika Sikhya Abhiyan all of which have a state share of 40 per cent.
He said Rs 400 crore is provided for establishment of new medical colleges which will help increase availability of doctors. Rs 250 crore is provided under Biju KBK Yojana for effective implementation of Bijli Sadak and Pani projects in KBK districts.
The Finance Minister said Rs 2464 crore is provided for newly created demand of Disaster Management, including Rs 824 crore, under state Disaster Response Fund and Rs1000 crore under National Disaster Response fund.