Home ECONOMY Council of Ministers approves Odisha Budget for 2015-16

Council of Ministers approves Odisha Budget for 2015-16

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Odisha Sun Times Bureau
Bhubaneswar, Feb 6:

The council of ministers today approved the draft Odisha Budget for the financial year 2015-16 to be presented in the state Assembly on February 16.

File Pic: Biswaranjan Mishra
File Pic: Biswaranjan Mishra

The meeting of the council of ministers, presided over by chief minister Naveen Patnaik, discussed financial allocations to various departments.

The Budget allocation was Rs 60, 000 crore for financial year 2013-14 and Rs 80, 000 crore for 2014-15. However, this year’s Budget is estimated to cross Rs 90, 000 crore, sources said.

As per the recommendations of Fourteenth Finance Commission, the share of the states in Central revenues would increase from 42 percent to 50 per cent. This is expected to bring in additional central assistance of Rs 6, 000 to the state.

With mines set to be auctioned, the state is banking on substantial revenue from the mining sector this year.

In the last Budget, the state government had allocated around Rs 3, 800 crore to the health sector, Rs 11, 600 to education and Rs 3, 800 to the infrastructure sector.

As the state government has promised pucca houses for all in its poll manifesto, budgetary allocation in the infrastructure sector is likely to increase this year.  Similarly, special allocation could be made for the upcoming Nabakalebara festival this July.

In addition to this, the state government is likely to make special provisions for the agriculture sector as it has been laying emphasis on this sector in the last two budgets. Last year, the state government had allocated Rs 9, 542 crore towards this sector, which is likely to increase in this budget.

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