Bhubaneswar: Odisha’s economy, which has contracted around 4.92% in the financial year 2020-21 due to the impact of the awesome Covid-19, is on its way towards recovery.
Communication recently by the Secretary of the State Finance of Vishal Dev to all departments stated that the state economy is projected to grow by around 9.5% in the current fiscal while expected to register growth of around 9% in 2022-23.
It stated that there was optimism in the prospect of resources for 2021-22 fiscal due to economic recovery, the financial secretary, when asked the department to submit a proposal for the annual budget on December 15, said the state government had consistently monitored income collection with a specific focus on mopping arrears.
In 2019-20 fiscal, growth of around 6% compared to the previous year with the size of the economy (domestic product domestic country) at RS 5.33 Lakh Crore.
After contraction in 2020-21, the economic size was reduced to around RS 5.10 lakh crore which was estimated to be around RS 5.80 Lakh Crore this financial year.
CENTER HELP has also fallen: Finance Secythe Efforts The state government in the mining sector has substantially increasing the total collection of taxes and non-tax income compared to the previous year.
“Considering 2020-21 as a deviation, the growth of tax income and non-tax itself is still simple compared to the level of collection in 2019-20 and two years,” said the Finance Secretary.
Dev said stock tax receipts and assistance grants from the center to August also declined compared to the previous financial year.
As expected that state revenues are expected to register moderate growth in the next fiscal, the government has also decided to increase expenditure in various sectors next year.
Even when the state has fought a pandemic with a focus on rescue life and livelihoods, the Finance Secretary said the government’s priority in the medium term is still increasingly rapid reduction in poverty, among others.