Odisha has closed 2011-12 with a revenue surplus of Rs 4,975.47 crore, 27.3 per cent higher than the surplus of Rs 3,908.21 crore reported by the end of 2010-11.
The high revenue surplus mirrors the lacklustre expenditure trend witnessed in the state for the past few years though spending has moved up, especially after the introduction of the Cash Management System aimed at curbing rush of expenditure towards the fag end of any fiscal.
Of the Budgeted State Plan outlay of Rs 15,200 crore for 2011-12, actual spending touched Rs 12,375 crore, meaning an achievement of 81.4 per cent and in line with the expectations of the finance department, said a department source.
The state had projected a marginal revenue surplus of Rs 60.13 crore by the end of 2011-12. The surplus on revenue account that stood at Rs 1138.62 crore by the close of 2009-10 has been growing sharply despite the state's efforts to lift expenditure. For 2012-13, the revenue surplus has been pegged at Rs 2410.77 crore.
The state has not witnessed revenue deficit since 2005-06.
On the expenditure front, all government departments, taken together, have achieved Plan and Non-Plan spending of 92 per cent in 2011-12. Budget size for 2011-12 was Rs 44,878.97 crore.
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Besides revenue surplus, the state government has clocked a marginal fiscal surplus of Rs 43.61 crore for 2011-12. This is the first time since 2008-09 that the state had reported a fiscal surplus, reflecting low level of capital expenditure. The state’s fiscal deficit stood at Rs 657.76 crore which was 0.35 per cent of its Gross State Domestic Product (GSDP) and well below the target set by the 13th Finance Commission to contain the fiscal indicator at three per cent of GSDP.
The state’s revenue collection in the tax and non-tax segments in 2011-12 has clocked growth of 21.44 per cent per cent over the corresponding period of 2010-11.Overall revenue in this period totaled to Rs 19,397.46 crore as against Rs 15973.04 crore recorded in the year-ago period. The state has achieved 120.44 per cent of the budgetary estimates (BE) of revenue collection pegged at Rs 16,104.89 crore for 2011-12.
Sales tax collection at Rs 8,209.54 crore and Rs 4,517.10 crore realized from non-ferrous mining and metallurgical industries were the key drivers of revenue growth.
While sales tax reported rise of 20.61 per cent, mining revenue also witnessed healthy growth of 35.68 per cent.
Non-tax revenue collection in 2011-12 witnessed a spike of 25.40 per cent to reach Rs 5,994.56 crore as against Rs 4,780.37 crore posted in 2010-11. The state has achieved 157.79 per cent of BE projected at Rs 3,799.06 crore in this segment.