Propelled By 5T Initiatives, Odisha’s Fiscal Management Endeavors Bear Fruits; State Leads the Nation With Rs Rs 43,471 Crore Surplus Revenue

Bhubaneswar: Odisha’s fiscal management endeavors are finally bearing fruits. In the latest instant, the financial map of India that brightly displays the landscape of surplus and deficit revenue states of India shows that Odisha leads the nation with Rs 43,471 crore revenue surplus. Not all the states have managed to make significant revenue surplus during the 2021-22 financial year. While Odisha has a revenue surplus of Rs 43471 crores, Uttar Pradesh has Rs 33430 crores. It is not a small feat when looking at the challenging economic times prevailing.

Major economies of India such as Tamil Nadu, West Bengal, and Rajasthan had the worst position in terms of revenue deficit. Tamil Nadu topped the list with a whooping deficit of Rs 46538 crores. It underlines the fiscal health and resilience of Odisha amidst the challenging and unprecedented times.

This achievement has been possible due to the better fiscal management efforts made by the Government of Odisha. And all credit can be attributed to the revolutionary 5T Initiatives of governance, that has been the mainstay of Odisha’s transformation under Chief Minister Naveen Patnaik.

In another front, at a time when the country as a whole and other states are adding huge debts to their economy, Odisha has been able to reduce its debt significantly. According to the data released by the Center, Odisha is the only state in the country to reduce its debt liability during the year 2022-23.

Earlier this year, CM Naveen had said that “At the core of all the success stories of our State is our fiscal discipline, effective mobilization of resources and formulation of public policies ensuring proper and just use of the resources”. “Our own tax revenue collection has increased substantially and our own revenue constitutes 60 percent of our total revenue receipts. Our reliance on Central transfers has reduced and it now stands at 40 percent of our total revenue receipts. Our Integrated Financial Management System is now a model for other States to develop their own treasury management system”.

The growth story of Odisha continuous with the state emerging as one the best performers in the country in terms of improving and expanding its economy. In the last six years, Odisha’s economy scaled new highs and the state has more than doubled its Gross State Domestic Product.