The budget announcements for Odisha shows us the state’s economic outlook and policy priorities. Let’s enter into the key highlights and implications for the state’s development approach.
Budget Highlights
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Economic Growth: Odisha’s Gross State Domestic Product (GSDP) for 2023-24 is forecasted to reach Rs 8.65 lakh crore, marking a robust growth of 12.9% over the previous fiscal year.
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Expenditure and Receipts: The state plans to spend Rs 2,11,214 crore in 2023-24, a 14% increase from the revised estimate of the previous year. Meanwhile, receipts (excluding borrowings) are projected to increase by 13% to Rs 1,85,370 crore.
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Surplus and Deficit: Odisha aims for a revenue surplus of 3.1% of GSDP, amounting to Rs 26,739 crore. However, the fiscal deficit is targeted at 3% of GSDP, equating to Rs 25,844 crore.
Policy Highlights
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MSME Support: A new scheme will provide interest subvention on working capital loans to Micro, Small, and Medium Enterprises (MSMEs). Additionally, a procurement policy will favor local MSMEs for government purchases.
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Tribal Livelihood: The Mukhyamantri Janajati Jeebika Mission will assist tribal households with infrastructure for livelihood improvement, benefiting approximately 14.5 lakh families in its initial phase.
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Healthcare Expansion: The introduction of a scheme will enhance public health facilities across the state, aiming to improve healthcare accessibility and quality.
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Infrastructure Development: The Biju Expressway-II project will upgrade road connectivity from Berhampur to Jeypore, fostering regional development and connectivity.
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Environmental Conservation: The Mukhyamantri Van Surakshya Kendra initiative will establish 10,000 centers to promote forest conservation at the grassroots level, ensuring sustainable environmental practices.
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Technology Investment: The Odisha Chip Program will establish a center of excellence to foster innovation and development in the electronics design and manufacturing sector.
Tender Opportunities in Odisha
In addition to budgetary allocations, Odisha offers numerous tender opportunities across various sectors. As of February 28, 2024, a total of 143 state government departments and 79 central government agencies have published 5245 live Odisha tenders. These cover a range of projects, with drain construction emerging as the top-ranked category, followed by road construction and paving projects.
Conclusion
Odisha’s budget and policy initiatives reflect a commitment to inclusive growth, economic development, and environmental sustainability. By leveraging tender opportunities and aligning with strategic priorities, businesses and stakeholders can contribute to the state’s progress and prosperity.