BHUBANESWAR: The Assembly on Thursday passed a vote on account of `16,500 crore to meet the expenditure of the State Government for April, pending detail consideration of the demand of grants for 2018-19. With the current financial year coming to an end on March 31 and more time required to pass the full budget for the coming financial year, Finance Minister Shashi Bhusan Behera moved the vote on account seeking the consent of the Assembly to draw money from the consolidated fund of Odisha to meet expenditure of the State Government for April, 2018.
Moving the vote on account Bill, which is part of the `120,028 crore budget for 2018-19 fiscal year, Behera said the budget focuses on achieving rapid and inclusive growth through human development, physical and social infrastructure, social safety nets for the disadvantaged and vulnerable sections and empowerment of people.
Dispelling the Opposition apprehension on the debt sustainability of the State, the Finance Minister said the debt is limited to 16.5 per cent of state gross domestic product (SGDP) while the interest payment to revenue income ratio is within 5.4 percent in 2016-17. He further claimed that the Government has been successfully managing its finance as a result of which it is a revenue surplus State since 2005-06.
Responding to Naba Kishore Das of Congress on declining trend of non-tax revenue, Behera said the non-tax revenue of the State is estimated to rise to `10,300 crore in the coming fiscal as against the estimate of `9,500 crore for the current financial year. The Minister said revenue earning from the mining sector till the end of February, 2018 was `5,292 crore which is 40 per cent more than the corresponding period last year.
Besides, the State has a reserve of about `12,000 crore in the Odisha Mineral Bearing Area Development Corporation (OMBADC), a special purpose vehicle created by the State Government in April 2014 following the apex court order to carry out developmental activities in mineral rich regions of the State.
Initiating the debate, Congress member Das said State Government has failed to keep its promises made in BJD manifesto. While farmers are in distress, health and education sectors are in shambles without doctors and teachers respectively.