The Odisha government is set to present its first full budget today since the BJP came to power in the state. Chief Minister and Finance Minister Mohan Majhi will present the budget in the House this afternoon, which is expected to focus on election promises and state development. The budget is likely to emphasize the promises made during the elections and the idea of developing Odisha, with a possible allocation of over three lakh crore rupees, surpassing the previous government’s working budget of Rs 2 lakh 55 thousand crore presented in February.
The Odisha economic survey report for 2023-24, released yesterday, revealed a total population of 4.64 crore, up by 20 lakh from 2022-23. The per capita annul income has increased to Rs 1 lakh 61 thousand 437, up by Rs 16 thousand 235 from 2022-23. The per capita expenditure stands at Rs 2950 in rural areas and Rs 5187 in urban areas per month. The economic growth rate is estimated at 8.5% for 2023-24, following 10.6% in 2021-22 and 7.9% in 2022-23. The poverty rate has declined to 15.68% from 29.34% in 2015-16, and the average life expectancy has increased by 10 years in the last 16 years.
However, analysts have raised concerns over the state’s financial performance, pointing out that the expenditure has consistently exceeded revenue, raising concerns about fiscal management. Despite the government’s positive outlook on economic growth, the state’s financial performance has not been commensurate with its budget size, sparking worries about the state’s fiscal health.