Odisha Government to Present First Budget on July 25th : Seeks ₹70,000 Crore for New Initiatives.

The state government will present its first budget on July 25th, focusing on new schemes requiring 70,000 crore rupees. Chief Minister Majhi seeks expert and public input to address funding challenges.

Bhubaneswar, Odisha: The state government is set to present its first budget on July 25th in the Legislative Assembly. This budget marks a significant milestone for the newly elected administration, which plans to introduce several new schemes.

Chief Minister Mohan Majhi, who is personally overseeing the finance department, has actively sought advice from financial experts in a series of consultation meetings. These discussions have revealed that implementing the proposed new schemes will require an additional expenditure of approximately 70,000 crore rupees.

The budget session will commence on July 22, and the formal presentation of the budget for the fiscal year 2024-2025 will take place on July 25th. Among the new initiatives likely to be funded are the Subhadra Scheme, a support price of 3100 rupees per quintal for paddy, a monthly allowance of 3000 rupees, and a separate corpus fund for the Shri Mandir. Many of these schemes have already received cabinet approval, suggesting that their inclusion in the budget is almost certain.

Former finance ministers and financial experts estimate that to effectively roll out these schemes, the state will need between 66,000 and 70,000 crore rupees in additional funds. To address this financial challenge, experts have advised the government on potential funding strategies. These include requesting a revision of royalties from the central government and securing a portion of the cess collected by the central government. 

Additionally, reopening closed mines and industries, along with strengthening the state’s infrastructure, has been recommended.

In preparation for the budget, the Chief Minister has also solicited opinions from the general public, receiving around 12,000 responses to date. This public feedback will be considered in the final budget proposal.

The government has emphasized the importance of sound financial management, given the state's current stable economic condition. Experts have underscored the need for the state to push for independent grants from the central government to ensure the successful implementation of the new schemes.

Chief Minister Majhi has indicated that the upcoming budget will aim to meet the expectations of the public, reflecting their needs and aspirations. As the budget session approaches, all eyes will be on how the new government plans to balance these ambitious initiatives with the available financial resources.