Bhubaneswar: Finance Department Minister, Niranjan Pujari tabled the Comptroller and Auditor General (CAG) report for 2017-18 in Odisha Assembly on Monday. The CAG report included the audit reports on Public Sector Units (PSUs), General and Social sector, Economic and Revenue sector.
The report assessed overall financial performance of the State during 2017-18. Addressing a press conference, Principal Accountant General Yashodhara Ray Chaudhury discussed the details of the report.
A brief overview of the CAG report is listed below:
Fiscal situation of the State:
Revenue Reciepts: Revenue receipts (Rs 85,204 crore) of the Government constituting 20.48% of the Gross State Domestic Product (GSDP) (Rs 4,15,982 crore), increased by 14.67% over previous year (Rs 74,299 crore).
Revenue Expenditure: Revenue Expenditure during 2017-18 (Rs 71,837 crore) increased by 10.45% over 2016-17 (Rs 65,041 crore) and was 17.27% of GSDP.
Capital Expenditure: CE (Rs 21,109 crore) during 2017-18, increased by Rs 2,638 crore (14.28%) over the previous year (Rs 18,471 crore). CE relative to GSDP was 5.01% in 2017-18.
Fiscal target and achievement: The State registered a revenue surplus of Rs 13,367 crore. The fiscal deficit was Rs 9,360 crore. The revenue surplus, however was overstated by Rs 453.30 crore and the fiscal deficit was understated by the same amount. Effectively, the revenue surplus was Rs 12,914 crore and the fiscal deficit was Rs 9,813 crore.
Fiscal deficit was 2.25% of GSDP. Outstanding debt to GSDP ratio was 12.55% in 2017-18 and through increasing, was meeting the fiscal target.
Committed Expenditure: Committed expenditure of Government consists of interest payments (Rs 4,988 crore), salaries and wages (Rs 17,697 crore), pensions (Rs 8,693 crore) and subsidies (Rs 2,830 crore). The committed expenditure in 2017-18 was Rs 34,208 crore and constituted 47.62% of Revenue Expenditure (Rs 71,837 crore).
Investment in PSUs: As of 31st March, 2018, the State Government’s investment in Statutory Corporations, Government Companies, Joint Stock Companies and Co-operative societies stood at Rs 4,974.21 crore. The RoI from Corporations/Companies was low at 1.33%, while the average rate of interest on Government borrowing was 7.58%.
Loans and Advances given by the State Government: As of 31 March, 2018, Loans and Advances given by the Government to PSUs, Autonomous Bodies and Corporations were Rs 6,326 crore. Terms and conditions of loans amounting to Rs 1,600.66 crore were yet to be settled as on 31 March, 2018. The loans related to periods extending from 1979 to 2018.
Cash Balance: The Cash Balance at the end of March 2018 was Rs 30,848.11 crore.
Debt Management: Outstanding public debt (Rs 52,190 crore) increased by 24.21% in 2017-18 over preceding year (Rs 42,018 crore), at a higher rate than the growth of GSDP.
Savings: In 2017-18 total savings were Rs 21,206 crore.
The C&AG pulled up Odisha Government for not achieving the target in case of Potato Mission. Out of Rs 130 crore budget provision for Potato Mission in 2015-16, Rs 26.65 crore (20.5%) has been utilised. Similarly, against the target of establishing 55 cold storages, only 23 (41.81%) cold storages had been established as of March 2018. “Thus, the objective of achieving self-sufficiency in production of potatoes by the year 2017-18 could not be achieved,” the C&AG stated.