CM Naveen Patnaik’s Mix Reaction To Union Budget

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Bhubaneswar: Odisha Chief Minister Naveen Patnaik has given a mixed reaction on Union Budget 2020-21.

Patnaik has welcomed the following initiatives that were presented in Budget 2020-

  • Krishi Rail and Krishi Udan for a seamless national cold supply chain.
  • PM — KUSUM to cover 20 lakh farmers for solar pumps.
  • Removal of dividend distribution tax and introduction of the concessional component tax.
  • Odisha had requested for extension of Concessional Tax rates to Cooperatives in line with Corporate Tax cuts. We welcome the announcement of Concessional Tax rates for cooperatives.
  • Increase of deposit insurance coverage from Rs.1 lakh to Rs.5 lakh.
  • Announcement for New Education Policy and FDI in the education sector.

However, the CM has raised concerns over the following aspects.

  • Almost all allocations under the Centrally Sponsored Schemes have been stagnant.
  • The divisible pool of Central Taxes has shrunk by almost 59,000 cr. This will reduce Odisha’s share by about 3000cr.
  • None of the archaeological sites of Odisha have been included in the iconic sites to be developed. Also, Odisha deserves a National Tribal Museum.
  • Drinking water is a national priority. Allocation of 11,500 cr nationally against an approved plan of 3.6 lakh crore is too little. In fact Odisha spends about 3600 cr. in Drinking water.
  • Sensex is an indicator of investor confidence. The drop of almost 1000 points today shows that there is a huge scope to take a number of measures.
  • Investor confidence is important for fresh investments to come in, to spur growth which is the biggest challenge now. This will have a huge impact on job creation and livelihood options for our youth.

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