BHUBANESWAR: On road to realise the vision of a Viksit Odisha by 2047, the budget size of Odisha is likely to be doubled to Rs 4.5 lakh crore by 2029-30 from Rs 2.3 lakh crore in 2023-24.
Outlining the roadmap to achieve the target, the fiscal strategy report released by the Finance department for the next five years has laid optimum focus on increasing capital spending in social and economic sectors that will propel all-round development and upliftment of the people, and spur growth from the bottom.
Odisha is set to celebrate the centenary of its formation as a separate state in 2036. It will be the endeavour of the state government to leverage resources effectively to ensure the state by then is firmly on track towards achieving the goal of Viksit Odisha, the strategy report has stated.
Developmental expenditure which includes spending in social and economic sectors is key to the progress of the state. Programme expenditure, therefore, is expected to grow by double digits to meet the developmental goals. During 2023-24, programme expenditure was Rs 1.25 lakh crore, accounting for 54 per cent of the total budget. It is projected to be around 58 per cent in the current 2024-25 fiscal and expected to continue increasing and reach Rs 2.70 lakh crore, around the 60 per cent mark by 2029-30.
Expenditure in social services is likely to increase from the projected Rs 74,840 crore in 2024-25 to Rs 1,31,789 crore in 2029-30. Similarly, expenditure in economic services will go up from Rs 77,108 crore in 2024-25 to Rs 1,33,795 crore in 2029-30. The report stated that this signifies the government’s steadfast commitment to work for the overall growth and development of people of the state.
However, the report pointed out that Odisha’s progress in the health sector leaves a lot to be desired. There is a huge requirement to strengthen capital infrastructure in the health sector. Besides, the government considers access to drinking water a basic right and hence is committed to provide safe and clean drinking water to all households.
Moreover, pucca houses for all has been the dream of the Prime Minister Narendra Modi and the state government will ramp up infrastructural spending in this regard. The government also recognises the importance of quality education that can empower the children of the state to shoulder the responsibility of the nation in the future, the report stated.
Chief Minister Mohan Charan Majhi who will place the Appropriation Bill for 2024-25 in the ongoing budget session of the Assembly on September 13 is likely to spell out the vision of the state government in this regard. The chief minister, who holds the Finance portfolio, placed a budget of Rs 2.65 lakh crore for FY 2024-25 in the Assembly on July 25.
Key indices
Budget likely to touch Rs 4.5 lakh crore by 2029-30
Programme expenditure to go up to Rs 2.70 lakh crore
Social sector expenditure will reach Rs 1.31 lakh crore
Economic services to rise to Rs 1.33 lakh crore