The Finance Minister of Odisha, Mr. Niranjan Pujari, presented the Budget for the state for the financial year 2023-24 on February 24, 2023.

Budget Highlights

  • The Gross State Domestic Product (GSDP) of Odisha for 2023-24 (at current prices) is projected to be Rs 8.65 lakh crore, amounting to growth of 12.9% over 2022-23.

  • Expenditure (excluding debt repayment) in 2023-24 is estimated to be Rs 2,11,214 crore, an increase of 14% over the revised estimate of 2022-23.  In addition, debt of Rs 18,786 crore will be repaid by the state.

  • Receipts (excluding borrowings) for 2023-24 are estimated to be Rs 1,85,370 crore, an increase of 13% as compared to the revised estimate of 2022-23.  In 2022-23, receipts (excluding borrowings) are estimated marginally fall short of the budget estimate by Rs 245 crore.

  • Revenue surplus in 2023-24 is estimated to be 3.1% of GSDP (Rs 26,739 crore), higher than the revised estimate for 2022-23 (2.3% of GSDP).  In 2022-23, the revenue surplus is expected to be lower than the budget estimate (2.5% of GSDP).

  • Fiscal deficit for 2023-24 is targeted at 3% of GSDP (Rs 25,844 crore).   In 2022-23, as per the revised estimates, fiscal deficit is expected to be 2.9% of GSDP, marginally lower than the budget estimate of 3% of GSDP.  The state had a fiscal surplus of Rs 20,627 crore in 2021-22 (3.1% of GSDP).  This was due to a significant increase in the state’s own non-tax revenue (mainly mining) and lower expenditure than budgeted.

Policy Highlights

  • MSMEs:  A new scheme will be launched to provide interest subvention on working capital loan to MSMEs.  A new procurement policy will be formulated to make it mandatory for Odisha government entities to procure from micro and small manufacturing units of Odisha.

  • Tribal Livelihood Promotion: Mukhyamantri Janajati Jeebika Mission will be launched to mitigate critical infrastructural needs incidental to livelihood promotion.   It will cover 14.5 lakh households in Phase-I.

  • AMA Hospital: A new scheme will be started for upgradation of public health facilities.

  • Biju Expressway-II:  4-lane connectivity will be provided from Berhampur to Jeypore.

  • Forest Protection: The Mukhyamantri Van Surakshya Kendra initiative will be launched to build 10,000 kendras in the areas of Van Suraksha Samiti to promote forest conservation at the grassroot level.

  • Odisha Chip Program:  A new centre of excellence will be set up to create an ecosystem in the field of electronics design and manufacturing.

Odisha’s Economy

  • GSDP:  In 2022-23, Odisha’s GSDP (at constant prices) is estimated to grow at 7.8%.  In comparison, national GDP is estimated to grow at 7% in 2022-23.

  • Sectors:  In 2021-22, agriculture, manufacturing, and services sectors are estimated to contribute 29%, 31%, and 40% of Odisha’s economy, respectively (at current prices).

  • Unemployment: As per the Periodic Labour Force Survey (July 2021-June 2022), unemployment rate in Odisha was 6%, higher than the unemployment rate at the national level (4.1%).  For 15-29 years age group, unemployment rate in Odisha was 19.8%, higher than the national level (12.4%).

Figure  1 : Growth in GSDP in Odisha at constant prices (2011-12) vis-à-vis growth in National GDP

 image 

Note: These numbers are as per constant prices (2011-12) which implies that the growth rate is adjusted for inflation.
Sources: FRBM Statement, Odisha Budget 2023-24; Union Economic Survey 2022-23; PRS.

Budget Estimates for 2023-24

  • Total expenditure (excluding debt repayment) in 2023-24 is targeted at Rs 2,11,214 crore.  This is an increase of 14% over the revised estimate of 2022-23.  This expenditure is proposed to be met through receipts (excluding borrowings) of Rs 1,85,370 crore, net borrowings of Rs 14,844 crore, and Rs 11,000 crore from public account.  Total receipts for 2023-24 (other than borrowings) are expected to register an increase of 13% over the revised estimate of 2022-23.

  • Revenue surplus in 2023-24 is estimated to be 3.1% of GSDP (Rs 26,739 crore), higher than the revised estimate for 2022-23 (2.3% of GSDP).  Fiscal deficit for 2023-24 is targeted at 3% of GSDP (Rs 25,844 crore), marginally higher than the revised estimate for 2022-23 (2.9% of GSDP).

  • Revenue surplus is estimated to be 4% lower than the budget estimate.  This is due to a marginal increase in revenue expenditure and a marginal decrease in revenue receipts.

Table  1 : Budget 2023-24 - Key figures (in Rs crore)

Items

2021-22

Actuals

2022-23

BE

2022-23

RE

% change from BE 22-23 to RE 22-23

2023-24

BE

% change from RE 22-23 to BE 23-24

Total Expenditure

1,53,797

2,00,000

2,00,000

0%

2,30,000

15%

(-) Repayment of debt

19,798

14,001

14,001

0%

18,786

34%

Net Expenditure (E)

1,33,999

1,85,999

1,85,999

0%

2,11,214

14%

Total Receipts

1,67,406

1,89,000

1,77,000

-6%

2,19,000

24%

(-) Borrowings

12,780

24,589

12,834

-48%

33,630

162%

Net Receipts (R)

1,54,626

1,64,411

1,64,166

0%

1,85,370

13%

Fiscal Balance* (R-E)

20,627

-21,588

-21,833

1%

-25,844

18%

as % of GSDP

3.1%

-3.0%

-2.9%

 

-3.0%

 

Revenue Balance*

43,472

18,239

17,461

-4%

26,739

53%

as % of GSDP

6.6%

2.5%

2.3%

 

3.1%

 

Primary Balance*

26,970

-13,121

-14,836

13%

-18,603

25%

as % of GSDP

4.1%

-1.8%

-1.9%

 

-2.2%

 

Note: BE is Budget Estimates; RE is Revised Estimates.  *(+) sign indicates a surplus and (-) indicates a deficit.
Sources: Annual Financial Statement, Budget at a Glance, FRBM Statement, Odisha Budget 2023-24; PRS.

Expenditure in 2023-24

  • Revenue expenditure for 2023-24 is proposed to be Rs 1,57,761 crore, an increase of 8% over the revised estimate of 2022-23.  This includes the expenditure on salaries, pensions, interest, grants, and subsidies.  In 2022-23, revenue expenditure is estimated to be marginally higher than the budget estimate.
  • Capital outlay for 2023-24 is proposed to be Rs 51,683 crore, an increase of 35% over the revised estimate of 2022-23.  Capital outlay indicates the expenditure towards creation of assets.  Sectors such as water supply and sanitation, health and family welfare, and roads and bridges have seen a significant increase in allocation towards capital outlay.

Spending towards Subsidy

In 2023-24, the state has estimated to spend Rs 2,997 crore towards subsidy, which is 1.6% of revenue receipts.     Subsidy in 2023-24 is estimated to be 25% lower than 2022-23 (Rs 4,002 crore as per revised estimates).  Sharp reduction is estimated in subsidy towards medium and large enterprises, popularisation of agricultural implements, equipment and diesel pump sets, and other relief measures.  Subsidy towards the public distribution system (PDS) has the highest share in the total subsidy in both 2022-23 and 2023-24.  The allocation towards subsidy for PDS is estimated to be Rs 1,015 crore in 2023-24, a decrease of 13% over the revised estimate of 2022-23 (Rs 1,169 crore).

Table  2 :  Expenditure budget 2023-24 (in Rs crore)

Items

2021-22

Actuals

2022-23

BE

2022-23

RE

% change from BE 22-23 to RE 22-23

2023-24

BE

% change from RE 22-23 to BE 23-24

Revenue Expenditure

1,09,588

1,45,727

1,46,039

0%

1,57,761

8%

Capital Outlay

22,725

38,732

38,319

-1%

51,683

35%

Loans given by the state

1,686

1,539

1,640

7%

1,770

8%

Net Expenditure

1,33,999

1,85,999

1,85,999

0%

2,11,214

14%

Sources:  Annual Financial Statement, Odisha Budget 2023-24; PRS.
 

Committed expenditure: Committed expenditure of a state typically includes expenditure on payment of salaries, pension, and interest.  In 2023-24, Odisha is estimated to spend Rs 59,673 crore on committed expenditure, which is 32% of its estimated revenue receipts.  This comprises spending on salaries (18% of revenue receipts), pension (11%), and interest payments (4%).  In 2023-24, expenditure on pension is expected to increase by 25% over the revised estimate of 2022-23.  In 2022-23, expenditure towards pension and interest is estimated to be 12% and 17% lower than the budget estimate, respectively. 

Table  3 : Committed Expenditure in 2023-24 (in Rs crore)

Items

2021-22

Actuals

2022-23

BE

2022-23

RE

% change from BE 22-23 to RE 22-23

2023-24

BE

% change from RE 22-23 to BE 23-24

Salaries

26,269

29,240

29,440

1%

32,453

10%

Pension

16,459

18,221

15,976

-12%

19,980

25%

Interest Payment

6,342

8,467

6,996

-17%

7,241

3%

Total Committed Expenditure

49,070

55,928

52,413

-6%

59,673

14%

Note: The People’s Guide document provides figures for salary as % of total budget, the figures for salaries in the above table have been back calculated using that statement.
Sources: FRBM Statement, Annual Financial Statement, People’s Guide Statement, Odisha Budget 2023-24; PRS.

Sector-wise expenditure: The sectors listed below account for 64% of the total expenditure on sectors in 2023-24.  A comparison of Odisha’s expenditure on key sectors with that by other states is shown in Annexure 1.

Table  4 : Sector-wise expenditure under Odisha Budget 2023-24 (in Rs crore)

Sectors

2021-22 Actuals

2022-23

BE

2022-23

RE

2023-24

BE

% change from RE 22-23 to BE 23-24

Budget Provisions

2023-24 BE

Education, Sports, Arts, and Culture

19,720

24,994

26,175

27,593

5%

Odisha Adarsh Vidyalaya programme and Mo School Abhiyan has been allocated Rs 842 crore and Rs 805 crore, respectively.

Roads and Bridges

8,671

14,454

14,615

16,528

13%

Rs 13,327 crore has been allocated towards capital outlay on roads and bridges.

Health and Family Welfare

10,433

12,490

13,142

15,933

21%

Rs 3,003 crore has been allocated towards Mukhya Mantri Swasthya Seva Mission.  Rs 2,380 crore has been towards the Biju Swasthya Kalyan Yojana.

Rural Development

10,539

14,298

13,353

14,795

11%

Rs 5,934 crore has been allocated under the Pradhan Mantri Awas Yojana-Gramin.  Rs 3,300 crore has been allocated towards MGNREGS.

Water Supply and Sanitation

6,994

11,048

9,710

13,025

34%

Rs 5,750 crore has been allocated towards the Jal Jeevan Mission.  Rs 4,750 crore has been allocated towards the BASUDHA scheme to provide potable water to rural areas.

Social Welfare and Nutrition

9,399

11,341

11,378

12,760

12%

Rs 2,501 crore has been allocated towards Madhubabu Pension Yojana.

Agriculture and Allied Activities

10,080

12,128

11,946

12,671

6%

Rs 1,879 crore has been allocated to the KALIA (Krushak Assistance for Livelihood and Income Augmentation).  Rs 497 crore has been allocated towards Odisha Millet Mission.

Irrigation and Flood Control

7,112

10,896

11,390

11,536

1%

Rs 8,549 crore has been allocated towards capital outlay on irrigation projects.

Urban Development

2,338

4,580

4,385

4,906

12%

Rs 996 crore has been allocated towards the AMRUT

scheme. Rs 300 crore has been allocated towards new city development.

Police

3,765

4,360

4,388

4,489

2%

Rs 2,103 crore has been allocated to the district police.

% of total expenditure on all sectors

67`%

65%

65%

64%

-2%

 

Sources: Annual Financial Statement, People’s Guide Statement, Odisha Budget 2023-24; PRS.

Receipts in 2023-24

  • Total revenue receipts for 2023-24 are estimated to be Rs 1,84,500 crore, an increase of 13% over the revised estimate of 2022-23.  Of this, Rs 1,05,500 crore (57%) will be raised by the state through its own resources, and Rs 79,000 crore (43%) will come from the centre.  Resources from the centre will be in the form of state’s share in central taxes (25% of revenue receipts) and grants (18% of revenue receipts).

  • State’s own tax revenue:  Odisha’s total own tax revenue is estimated to be Rs 53,000 crore in 2023-24, an increase of 13% over the revised estimate of 2022-23.  Own tax revenue as a percentage of GSDP is estimated at 6.1% in 2023-24.   For 2022-23, the state had estimated this ratio at 6.4% at the budget stage, however, as per revised estimates, it is expected to be lower (6.1%).

  • State’s own non-tax revenue:  Own non-tax revenue is estimated to be Rs 52,500 crore, an increase of 13% over the revised estimate of 2022-23.  Between 2021-22 and 2023-24, own non-tax revenue is estimated to range between 6%-8% of GSDP, significantly higher than average non-tax revenue earned by state governments (about 1.3% of GSDP).

  • Devolution:  In 2023-24, state’s share in central taxes is estimated at Rs 46,251 crore, an increase of 8% over the revised estimate of 2022-23.

  • Grants-in-aid from Centre in 2023-24 is estimated at Rs 32,749 crore, an increase of 21% over the revised estimate for 2022-23.  A high increase in grants from centre is owing to expected increase in grants for centrally sponsored schemes (20% increase) and GST compensation grant (87%).  The state has budgeted a receipt of Rs 4,157 crore in the form of GST compensation grant, substantially higher than 2022-23 (Rs 2,218 crore).  Note that GST compensation grant was available only up to June 2022.  The receipt in 2023-24 may have been budgeted on account of any pending receipts for the period up to June 2022, or for servicing back-to-back loan in lieu of compensation given in 2020-21 and 2021-22.

Table  5 : Break-up of the state government’s receipts (in Rs crore)

Sources

2021-22

Actuals

2022-23

BE

2022-23

RE

% change from BE 22-23 to RE 22-23

2023-24

BE

% change from RE 22-23 to BE 23-24

State's Own Tax

40,748

46,000

47,000

2%

53,000

13%

State's Own Non-Tax

54,257

48,200

46,500

-4%

52,500

13%

Share in Central Taxes

38,145

36,978

42,989

16%

46,251

8%

Grants-in-aid from Centre

19,910

32,789

27,011

-18%

32,749

21%

Revenue Receipts

1,53,059

1,63,967

1,63,500

0%

1,84,500

13%

Non-debt Capital Receipts

1,566

444

666

50%

870

31%

Net Receipts

1,54,626

1,64,411

1,64,166

0%

1,85,370

13%

Note: BE is Budget Estimates; RE is Revised Estimates.
Sources: Annual Financial Statement, Odisha Budget 2023-24; PRS.

  • In 2023-24, State GST is estimated to be the largest source of own tax revenue (42% share).  State GST revenue is estimated to increase by 14% over the revised estimate of 2022-23.

  • In 2022-23, receipts from key tax sources such as Sales Tax/VAT, Stamps Duty, and State Excise are expected to be higher than the budget estimate.  In 2023-24, receipts from these sources are expected to increase by 12% each.

Table  6 :  Major sources of state’s own-tax revenue (in Rs crore)

Taxes

2021-22

Actuals

2022-23

BE

2022-23

RE

% change from BE 22-23 to RE 22-23

2023-24

BE

% change from RE 22-23 to BE 23-24

State GST

16,392

19,479

19,242

-1%

22,004

14%

Sales Tax/ VAT

10,000

11,208

11,801

5%

13,273

12%

State Excise

5,528

6,496

6,882

6%

7,740

12%

Taxes and Duties on Electricity

3,717

3,789

3,725

-2%

3,935

6%

Stamps Duty and Registration Fees

2,419

2,010

2,179

8%

2,451

12%

Taxes on Vehicles

1,664

2,103

1,979

-6%

2,226

12%

Land Revenue

664

610

750

23%

815

9%

GST Compensation Grants

2,466

6,226

2,218

-64%

4,157

87%

GST Compensation Loans

6,430

-

-

-

-

 

Sources: Annual Financial Statement, Revenue and Receipts, Odisha Budget 2023-24; PRS.

Deficits, Debt, and FRBM Targets for 2023-24

The Odisha Fiscal Responsibility and Budget Management Act, 2005 provides annual targets to progressively reduce the outstanding liabilities, revenue deficit and fiscal deficit of the state government.

Fiscal Risk due to Natural Disasters

The Fiscal Risk Statement under the Odisha Budget 2023-24 identified natural disasters as a source of high risk to government finances.  Its impact could include loss of life and property, crop failure, migration, indebtedness among people, and a dent in economic growth.  The statement estimated an economic loss of about Rs 24,991 crore between 2014 and 2022 due to natural disasters.  It noted that in addition to frequent tropical cyclones, the frequency of drought and flood is increasing every year.  It observed that it is critical to frame an appropriate fiscal policy to address this challenge, as extreme climatic events are expected to rise.  The state government maintains the State Disaster Response and Mitigation Fund. As per the statement, the annual contribution to this fund is about 0.3% of GSDP.  The 15th Finance Commission had also recommended state-specific grants for disaster management.  For Odisha, it had recommended a grant of Rs 800 crore for early warning dissemination system in cyclone-prone areas.

Revenue Balance:  It is the difference of revenue receipts and revenue expenditure.   A revenue surplus implies that the government’ revenue is sufficient to cover expenses which do not increase its assets or reduces its liabilities.  The budget estimates a revenue surplus of Rs 26,739 crore (or 3.1% of the GSDP) in 2023-24.  In 2022-23, the revenue surplus is expected to be Rs 17,461 crore (2.3% of GSDP) as per the revised estimates, which is slightly lower than the budget estimate of 18,239 crore (2.5% of GSDP).  The revenue surplus is projected to increase to 3.7% of GSDP by 2025-26.

Fiscal Deficit:  It is the excess of total expenditure over total receipts.  This gap is filled by borrowings by the government and leads to an increase in total liabilities.   In 2023-24, the fiscal deficit is estimated to be 3% of GSDP.  For 2023-24, the central government has permitted fiscal deficit of up to 3.5% of GSDP to states, of which 0.5% of GSDP will be available only upon carrying out certain power sector reforms.   As per the revised estimates, in 2022-23, the fiscal deficit of the state is expected to be 2.9% of GSDP, which is lower than the budget estimate of 3% of GSDP.  In 2021-22, the state observed a fiscal surplus, primarily due to a 171% increase in its own non-tax revenue (mainly from mining), and expenditure being 9% lower than budgeted.  Fiscal deficit is projected to be kept constant at 3% of GSDP till 2025-26.   

Outstanding Public Debt:   Outstanding Public Debt is the accumulation of total borrowings at the end of a financial year. It does not include other liabilities such as those on public accounts. At the end of 2023-24, the outstanding public debt is estimated to be 13.1% of GSDP, higher than the revised estimate for 2022-23 (12.7% of GSDP).   The outstanding public debt has lowered significantly as compared to 2020-21 (19.2% of GSDP).  This is due to significantly high non-tax revenue since 2021-22 (mainly revenue from mining), which has reduced the dependence on borrowings to fund expenditure.  Outstanding public debt is projected to rise to 15.8% of GSDP at the end of 2025-26.

Outstanding Government Guarantees:  Outstanding liabilities of states do not include a few other liabilities that are contingent in nature, which states may have to honour in certain cases. State governments guarantee the borrowings of State Public Sector Enterprises (SPSEs) from financial institutions.  At the end of December 2022, outstanding guarantees are expected to be 0.67% of GSDP.

Figure  2 : Revenue and Fiscal Balance (% of GSDP) 

image

Note: *Figures for 2024-25 and 2025-26 are projections; (+) sign indicates a surplus and (-) indicates a deficit. RE is Revised Estimates; BE is budget estimates.
Sources: FRBM Statement, Odisha Budget 2023-24; PRS.  

Figure  3 : Outstanding Public Debt (% of GSDP)

image

Note: *Figures for 2024-25 and 2025-26 are projections; RE: Revised Estimates; BE: Budget Estimates.
Sources: FRBM StatementOdisha Budget 2023-24; PRS

Annexure 1:  Comparison of states’ expenditure on key sectors

The graphs below compare Odisha’s expenditure in 2023-24 on six key sectors as a proportion of its total expenditure on all sectors.  The average for a sector indicates the average expenditure in that sector by 31 states (including Odisha) as per their budget estimates of 2022-23. [1]

  • Education: Odisha has allocated 13.2% of its expenditure towards education in 2023-24.  This is lower than the average allocation for education by states in 2022-23 (14.8%).

  • Health:  Odisha has allocated 7.6% of its total expenditure towards health, which is higher than the average allocation for health by states (6.3%).

  • Water Supply and Sanitation:  Odisha has allocated 6.2% of its expenditure towards water supply and sanitation.  This is more than twice the average allocation towards water supply and sanitation by states (3%).

  • Rural Development:  Odisha has allocated 7.1% of its budget towards rural development in 2023-24.  This is higher than the average allocation by  states (5.7%).

  • Police:  Odisha has allocated 2.1% of its total expenditure towards police, which is almost half of the average expenditure on police by states (4.3%).

  • Roads and bridges:  Odisha has allocated 7.9% of its total expenditure towards roads and bridges, which is higher than the average allocation by states (4.5%).

image

image

image

image

image

Note: 2021-22, 2022-23 (BE), 2022-23 (RE), and 2023-24 (BE) figures are for Odisha.
Sources: Annual Financial Statement, Odisha Budget 2023-24; various state budgets; PRS.

[1]  The 31 states include the Union Territories of Delhi, Jammu and Kashmir, and Puducherry .

Annexure 2:  Comparison of 2021-22 Budget Estimates and Actuals

The following tables compare the actuals of 2021-22 with budget estimates for that year.

Table  7 : Overview of Receipts and Expenditure (in Rs crore)

Particular

2021-22 BE

2021-22 Actuals

% change from BE to Actuals

Net Receipts (1+2)

1,26,014

1,54,626

23%

1.  Revenue Receipts (a+b+c+d)

1,25,600

1,53,059

22%

a.  Own Tax Revenue

37,500

40,748

9%

b.  Own Non-Tax Revenue

20,000

54,257

171%

c.  Share in central taxes

30,137

38,145

27%

d.  Grants-in-aid from the Centre

37,963

19,910

-48%

Of which GST compensation grants

9,253

2,466

-73%

2.  Non-Debt Capital Receipts

414

1,566

278%

3.  Borrowings

40,986

12,780

-69%

Of which GST compensation loan

0

6,430

-

Net Expenditure (4+5+6)

1,46,479

1,33,999

-9%

4.  Revenue Expenditure

1,19,567

1,09,588

-8%

5.  Capital Outlay

25,788

22,725

-12%

6.  Loans and Advances

1,124

1,686

50%

7.  Debt Repayment

23,521

19,798

-16%

Revenue Surplus

6,033

43,472

621%

Revenue Surplus (as % of GSDP)

1.0%

6.6%

-

Fiscal Deficit

20,465

-20,627

-201%

Fiscal Balance (as % of GSDP)

3.5%

-3.1%

-

Note: BE: Budget Estimates; (+) sign indicates a surplus and (-) indicates a deficit.
Sources: Odisha Budget Documents of various years; PRS.

Table  8 : Key Components of State's Own Tax Revenue (in Rs crore)

Head

2021-22 BE

2021-22 Actuals

% change from BE to Actuals

Taxes on Vehicles

2,100

1,664

-21%

State Excise

5,400

5,528

2%

State GST

15,000

16,392

9%

Land Revenue

600

664

11%

Sales Tax/ VAT

9,000

10,000

11%

Taxes and Duties on Electricity

3,300

3,717

13%

Stamps Duty and Registration Fees

1,800

2,419

34%

Sources: Odisha Budget Documents of various years; PRS.

Table  9 : Allocation towards Key Sectors (in Rs crore)

Sector

2021-22 BE

2021-22 Actuals

% change from BE to Actuals

Water Supply and Sanitation

10,686

6,994

-35%

Transport

12,007

9,274

-23%

  of which Roads and Bridges

11,267

8,671

-23%

Irrigation and Flood Control

8,300

7,112

-14%

Welfare of SC, ST, OBC, and Minorities

3,391

2,918

-14%

Police

4,141

3,765

-9%

Education, Sports, Arts, and Culture

21,591

19,720

-9%

Agriculture and Allied Activities

10,705

10,080

-6%

Social Welfare and Nutrition

9,709

9,399

-3%

Rural Development

10,850

10,539

-3%

Urban Development

2,209

2,338

6%

Housing

838

911

9%

Health and Family Welfare

9,340

10,433

12%

Energy

1,626

3,473

114%

Sources: Odisha Budget Documents of various years; PRS.

 

 

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