Financial Daily from THE HINDU group of publications
Thursday, Feb 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Feb 17, 2005 |
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Industry & Economy
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Budget Rs 3,000-cr Plan outlay for Orissa Our Bureau
New Delhi , Feb. 16 THE Annual Plan of Orissa for the next fiscal has been pegged at Rs 3,000 crore, inclusive of additional Central Assistance of Rs 68 crore for projects of special priority to the State. This was decided at a meeting between the Planning Commission Deputy Chairman, Dr Montek Singh Ahluwalia, and the State Chief Minister, Mr Navin Patnaik, here. Mr Ahluwalia said that the Centre would support the State in its efforts to rope in corporate investment especially in mineral sector. Members of the Plan panel said that Orissa should improve plan implementation and reduce committed expenditure. Focused attention should be bestowed on developing infrastructure in places of tourist interest and importance. The State was urged to put in place fast track approvals and master plans for development of roads, ports, power generation and transmission in order to attract enhanced investment these areas. Mr Patnaik said the State was passing through several financial stresses reflected in terms of its large revenue and fiscal deficit, huge debt and debt servicing burden. He said the unsustainable macro prudential imbalances have adversely affected the development performance, poverty reduction efforts and infrastructure and social sector investments. He remarked that despite constraints the State has made consistent efforts at correcting the imbalances and enhancing performance. The Chief Minister reiterated the State's demand for grant of special category status. He also sought that 12 per cent of the thermal power produced in the State should be given free to the State as in case of hydropower given to Himachal Pradesh. Ad valorem based royalty on major minerals was also pleaded.
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