Odisha pegs plan outlay at Rs 45,000 cr in FY 17

Odisha has pegged a plan outlay of Rs 45,000 crore for 2016-17, a tad higher than Rs 44,150 crore approved for the previous financial year.

"My government is progressively increasing resource allocations to various state plan activities. Our commitment to inclusive growth backed by our own increasing resource allocations for the same have made us the fastest growing economy in our country, nearly doubling the per capita income with the highest reduction of poverty in a decade", Odisha Governor said in his address to the state assembly on the inaugural day of the Budget session.

Despite discontinuation of the special central assistance to KBK (Kalahandi-Bolangir-Koraput), the state government has enhanced its contribution from the state plan to complete ongoing projects in the region. Of the Rs 250 crore proposed under Biju KBK Plan for 2015-16, Rs 130 crore is provided for the state sector and Rs 120 crore for the district sector, he said.

Continuing its emphasis on capital investment in economic and social sectors, Jamir said his government has resorted to open market borrowing after a gap of eight years within the overall limit fixed by the Union government. The entire amount of Rs 3,000 crore so raised has been fully utilised for capital investment, raising the share of capital investment to 3.6 per cent of Gross State Domestic Product (GSDP).

On the industrial front, he said, the state government has launched the New Industrial Policy Resolution (IPR) which aims to take Odisha on to a higher growth orbit. Apart from offering specific incentives to ICT (information & communication technologies) food processing, MSME (micro, small & medium enterprises) and tourism sectors, the state has proposed development of three large investment regions at Kalinganagar, Paradeep and Dhamra.

"With the country's largest steel plant of Tata Steel becoming operational at Kalinganagar, the faith of investors in my state has been reassured, and complementing this with our investor friendly policy and the ease of doing business framework have now made my state a competitive and attractive manufacturing hub of the east", Jamir stated.

Betting big on green power, Jamir said, the state government proposes to add a capacity of 3.08 Gw of renewable energy by 2022. To increase the share of green energy in the energy mix, my government has set a target of creating 2,378 Mw of solar power by 2022.

Besides green power, thermal generating units like Odisha Power Generation Corporation (OPGC), Odisha Thermal Power Corporation Ltd (OPTCL), Ultra Mega Power Plant (UMPP) and Independent Power Producers (IPPs) are expected to add capacity of 10310 Mw by 2021-22.

On renovation and expansion of the existing hydro power stations at Burla, Balimela, Chipilima and Machhkund, the state government would invest Rs 1,088 crore in the next financial year.