Bhubaneswar: Odisha’s financial health remains stable with debt levels well within prescribed limits, as per the latest data from the Principal Accountant General, Odisha.
Chief Minister Mohan Charan Majhi shared the information in a written reply to a question by Congress MLA Tara Prasad Bahinipati in the Odisha Assembly on Monday.
According to the recommendations of the Fifteenth Finance Commission and the Fiscal Responsibility and Budget Management (FRBM) Act, 2005, a state’s Debt-to-GSDP ratio should be capped at 25%, while the Interest Payment-to-Total Revenue Receipt (IP/RR) ratio must remain below 15%.
According to the preliminary estimates received from the Principal Accountant General, Odisha, the state’s Debt-to-GSDP ratio at the end of 2023-24 stands at 11.56%, and the IP/RR ratio is 2.88%, both comfortably below the thresholds.
At the end of the financial year 2014-15, Odisha’s total debt stood at ₹43,273.38 crore, with a per capita debt burden of ₹9,942.88.
Now as per the preliminary estimates of Principal Accountant General, Odisha, the debt burden as of October 2024, the state’s debt has increased to ₹93,713.01 crore, translating to a per capita debt of ₹20,176.77.
Despite the rise, Odisha’s per capita debt burden remains significantly lower than that of other major states, reflecting prudent financial management, the Chief Minister said.