Bhubaneswar: With prudent fiscal management and a robust policy framework, Odisha has set a benchmark in the country with zero borrowing from the market.
As per the Reserve Bank of India report, Odisha is the only state which has not borrowed from the market since 2021 while capital expenditure is the highest among all major States in the country and programming expenditure clocked Rs 1,25,000 Cr.
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With prudent fiscal management & robust policy framework, #Odisha has set a benchmark in the country with zero borrowing from market. As per @RBI report, Odisha is the only state which has not borrowed from the market since 2021 while capital expenditure is highest among all… pic.twitter.com/fq3pXSH19E
— CMO Odisha (@CMO_Odisha) February 8, 2024
Odisha has repaid nearly Rs 17,000 Crore borrowings in the last three financial years. Odisha has repaid borrowings of Rs 6473 crore in FY 21-22, Rs 7500 crore in FY 22-23 and Rs 3000 crore during FY 23-24, the RBI Report says.
The latest State Finances Report 2023-24 of the Reserve Bank of India shows that Odisha has the lowest outstanding liabilities as a percentage of the Gross Domestic Product in the country.
According to the RBI report, Odisha has an outstanding liability of just 13.9 per cent of the GSDP as of the end of March 2024 – the lowest liability percentage for any state of India. The debt-to GDP ratio of Odisha has reduced significantly post the COVID-19 period due to the prudent efforts of the state government.