Out of Rs. 80,139.58 crores proposed in Budget 2014-15, more than half, estimated at Rs. 40,711.01 crores would be non-plan expenditure.
The Budget presented on June 17 to Orissa Assembly by Finance Minister P.K.Amat is higher than the last year’s by 33%, though projected as a revenue surplus budget. Compared to Rs.Rs.1951.49 crore in 2013-14, the present budget is pregnant with a surplus of Rs.4265.55 crores, according to Sri Amat.
Yet, the budget projects a fiscal deficit of Rs. 9696.83 crores, which is claimed to be within the limit laid down under the Fiscal Responsibility & Budget Management Act. It is of an estimated deficit of 2.98% of the GSDP as against 3% set as the highest limit under the Act, he said.
Consumers of liquor and users of vehicles will be taxed to fetch revenue to meet the expenditure. The rate of tax would be hiked to 25% from 20% whereas the tax for petrol and diesel would increase from 18% to 20%. Total revenue receipt estimated is Rs. 67,146.96 crores whereas recovery of loans and advances may assure Rs. 240.29 crores and receipt from other sources including burrowing would be Rs. 12,752.32 crores making a surplus of Rs. 4265.55 crores, the minister told the House.
Plan outlay for 2014-15 is spelt out to be Rs. 40,810 crores including Rs. 38,810 crore for government sector and Rs.2000 crores for Public Sector Undertakings.
However, after squandering away State’s assets for industries – more exploitive than beneficial – Naveen Patnaik’s fourth term launches a separate budget for agriculture shaped up with Rs.2727.99 crores in its plan and non-plan areas, though the scheme of ‘one rupee per kg rice’ that has precipitated ruin of agriculture by negatively encouraging lethargy in agricultural working class all over the State, has a budgetary provision of Rs.1327.16 crores.