Odisha Economy Likely To Grow To Rs 5.80 Lakh Crore In 2021-22 Fiscal

Bhubaneswar: The size of Odisha economy is expected to grow upto Rs 5.80 lakh crore in 2021-22 financial year from Rs 5.10 lakh crore in 2020-21, registering a growth rate of 9.5% compared to 4.92% in the previous fiscal.

Stating this in a communication to all departments, Finance secretary Vishal Dev said the state’s economic growth rate took a beating in 2020-21 fiscal due to COVID pandemic. Though it is projected to bounce back in 2021-22, the momentum will come down and the state will register a growth rate of 9% in 2022-23.

Dev said the collection from the tax and non-tax revenue has substantially increased during this fiscal compared to the previous year. “Considering that 2020-21 was an aberration, the growth of own tax and non-tax revenue collection is still modest compared to the collection in 2019-20 and a time lag of two years,” TOI quoted Dev as saying.

The secretary asked the departments to submit their proposals for the annual budget by December 15 and said the government has been monitoring the revenue collection with focus on the arrears.