Odisha F M presents zero Tax Budget for 2015-16 with projected fiscal deficit at Rs.10,400 crore
By B.Maharana
16 Feb ,Bhubaneswar,
The Odisha Finance Minister, Pradip Kumar Amat, Monday presented a tax-free revenue surplus state budget of Rs 84,487.77 crore for 2015-16 giving stress on agriculture, infrastructure and social sector.
In keeping with the practice , for the third consecutive year , the Finance Minister also presented separate Odisha Agriculture Budget along with the General Budget . The Budgetary outlay has increased by about 5.15 percent this year, he said while presenting the budget in the State Assembly Monday.
Amat said that the Plan expenditure has been pegged at Rs 40,531 crore and the Non-Plan expenditure will be Rs43,956.32 crore. After achieving revenue balance, a surplus of Rs 5101.51 crore has been projected in the budget which is 1.47% of the GSDP, he said adding, similarly, the fiscal deficit projected at Rs 10,400.28 crore which is 2.99% of the GSDP.
The year end debt stock for the fiscal 2015-16 is estimated at Rs 56640.13 crore which is 16.27% of GSDP.
Amat said provision of Rs10,903.62 crore has been made for agriculture, fisheries & animal resources , cooperation and irrigation departments.
Amat said that during the current year , due to substantial shortfall in central transfer as well as own revenue and falling cash balances, it would not be possible to protect the capital outlay without resorting to market borrowing . “ We are going for budgeted market borrowing during 2014-15 for financing the higher capital outlay”, he said and indicated that the total borrowing is estimated at Rs.12,000 crore.
Describing the Budget as progressive, inclusive and pro-people, the Chief Minister ,Naveen Patnaik, said significant focus has been given for empowerment of vulnerable section of our society, agriculture, irrigation and infrastructure development. Odisha’s own housing scheme Biju Pacca Ghar Yojana has also been given adequate importance.
“I am also happy to konw that special emphasis is given to education in the form of Odisha Adarsha Vidyalaya( Model School in every block), interest subvention on education loan, Substantial allocation is made in free distribution of medicine and establishment of five medical colleges which will have a huge impact on health care for the people of Odisha.