Bhubaneswar : Considering the GDP growth projections, inflation, and the buoyancy of direct and indirect taxes at both national and state levels, the State anticipates a roughly 12 percent increase in total revenue receipts for FY 2024-25 compared to the revised estimates of the current year.
Under the leadership of Vishal Dev, Principal Secretary of Finance, Team Finance diligently oversees revenue growth. Observing current trends, there’s an expectation that revenue generation will continue on an upward trajectory.
Official figures indicate that the State’s total revenue receipt for the fiscal year 2022-23 stood at Rs 1.50 lakh crore. Projections suggest an increase to Rs 1.84 lakh crore for the ongoing fiscal year.
As of the end of October in FY 2023-24, the total revenue receipt from all sources amounted to Rs 90,559.69 crore, marking a 17.54 percent increase over the Rs 77,043.03 crore received from April to October in 2022. This amount also accounted for 49 percent of the budget estimation for the year.
Despite the expected 12 percent growth in the State’s revenue receipt for the next year, potential shocks may arise due to fluctuations in international mineral prices and uncertainties in the flow of Central Assistance under Centrally Sponsored Schemes, as per sources.
The RBI has projected India’s economy to grow at around 6.5% in the current and ensuing fiscal years. However, risks persist due to weak external demand, geo-economic fragmentation, and prolonged geopolitical tensions in Europe and the Middle East.
The State’s economy is anticipated to grow between 8 percent to 8.5 percent in real terms in 2023-24, leveraging human, natural, and financial resources while bolstering the economy’s productive base. This growth momentum is expected to persist into 2024-25.
Over the past decade, Odisha has maintained an average annual growth of approximately 6.5 percent in Gross State Domestic Product (GSDP), except for FY 2020-21 when it contracted by 5.35 percent due to the impact of the Covid-19 pandemic at that time.