BHUBANESWAR: Development-oriented yet populist, the Budget 2018-19, which has seen a 12 per cent jump, comes with an increased per capita debt burden.The total debt stock of the State reaches Rs 91,943 crore in 2018-19, which when translated into per capita debt burden, stands at Rs 21,891. In the fiscal 2017-18, the debt burden was Rs 18,210.
The total budget outlay for the financial year 2018-19 has been pegged at Rs 1,20,028 crore which marks a 12 per cent jump over last year’s budget of Rs 10,7234.30 crore.According to Odisha Budget and Accountability Centre (OBAC) of CYSD, the proposed outlay will be financed mainly through revenue receipts of Rs 1,00,200 crore both from Centre and State as well as borrowings of Rs 19,678 crore.
The total Central transfer which stands at Rs 61,350 crore - both State’s share in Central taxes and grant-in-aid from Centre - continues to be dominant in the total revenue basket of the State Government. From Rs 29,098 crore in 2014-15, the Central transfer now stands more than doubled.
The State’s own revenue, however, is just about 38.77 per cent of the total revenue for 2018-19. In fact, contribution of State’s own revenue has shown a declining trend over the years - from 48.95 per cent in 2014-15 to 38.77 per cent in 2018-19, an analysis by OBAC said.However, the State has been maintaining a revenue surplus since 2005-06. During 2018-19, the total revenue surplus is estimated at Rs 9,980 crore. This will create additional space for creation of capital assets in the State’s economy.