The state government presented a separate agriculture budget of Rs 13,181.89 crore, showing a 20.89% increase as against the previous fiscal
Creating adequate fiscal space for borrowing, the Odisha government on Friday presented a Rs 94,052.65-crore budget for 2016-17 with emphasis on irrigation, agriculture, rural development and energy.
There has been an increase by about 11.32% in the size of allocation made for 2016-17 in comparison to the previous budget, finance minister Pradip Kumar Amat said while presenting the budget in two parts in the Assembly.
Besides a general budget, Amat also presented a separate agriculture budget of Rs 13,181.89 crore, showing a 20.89% increase as against the previous fiscal.
"The outlay of the agriculture budget comprising the departments of water resources, agriculture, cooperation, fisheries and animal resources, is about 14.02% of the total outlay proposed in the Budget for 2016-17," Amat said.
While the highest amount in the agriculture budget of Rs 7,241.66 crore has been allocated to the water resources department with thrust on irrigation, the agriculture and farmer empowerment department got Rs 3,438.91 crore.
The cooperation department and the fisheries and animal resources department would get Rs 1,821.73 crore and Rs 679.60 crore respectively with a focus on the farm and rural sector ahead of Panchayat polls due early next year.
Amat in his budget speech said the budget has pegged fiscal deficit at Rs 14,532.39 crore, or 3.79%, of its gross state domestic product (GSDP), which was higher than the mandated threshold of 3.5%.
Stating that there was no new tax proposals, Amat said the total budget amount included an annual Plan outlay of Rs 50,000 crore.
"The total revenue expenditure is estimated at Rs 7,443.38 crore during 2016-17. Thus, after achieving revenue balance, a surplus of Rs 3,683.34 crore has been projected in the budget estimates for 2016-17, which is 0.96% of the GSDP," finance minister said.
"The fiscal deficit is projected at Rs 14.532.39 crore which is 3.79% of the GSDP. However, if the impact of UDAY (Ujjwal Discom Assurance Yojana) scheme that comes for Rs 1,196.18 crore is taken out, the deficit comes down to Rs 13,336.21 crore, which is 3.48% of the GSDP against the proposed FRBM limit of 3.5%," Amat added.
The state government has pegged its gross borrowing at Rs 15,014 crore, which includes the net market borrowing of Rs 7,324 crore. The state's overall debt stock for 2016-17 has been estimated at Rs 64,991.83 crore, which is 16.96 per cent of the GSDP (Rs 3.83 lakh crore) and within the limit of 25% prescribed by Odisha
Fiscal Responsibility and Budget Management (FRBM) Act, 2005, additional chief secretary R Balakrishnan, told reporters after the budget.
Capital outlay was proposed to be increased to Rs 16,749.70 crore, or 4.37% of the GSDP, while total revenue receipts have been projected at Rs 78,127 crore.
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