Budget 2020

Budget 2020 | All allocations under Centrally sponsored schemes stagnant: Naveen Patnaik

Naveen Patnaik.

Naveen Patnaik.  

Odisha CM welcomes announcement of concessional rates for cooperatives

Welcoming several initiatives announced in the Budget, Odisha Chief Minister Naveen Patnaik expressed concern over several other issues and raised certain demands as well.

“Sensex is an indicator of investor confidence. The drop of almost 1,000 points today [Saturday] shows that there is a huge scope to take a number of measures,” he said.

“Investor confidence is important for fresh investments to come in, to spur growth which is the biggest challenge now. This will have a huge impact on job creation livelihood options for our youth,” said Mr. Patnaik.

The Chief Minister said almost all allocations under the Centrally sponsored schemes have been stagnant. The divisible pool of Central taxes has shrunk by almost ₹59,000 crore and this will reduce Odisha’s share by about ₹3,000 crore, he said.

Watch | Highlights of Union Budget 2020-21
 

Observing that drinking water is a national priority, Mr. Patnaik said allocation of ₹11,000 crore nationally against an approved plan of ₹3.6 lakh crore is too little. In fact, Odisha spends about ₹3,600 crore on it, he said.

Mr. Patnaik expressed displeasure over non inclusion of any archaeological site of Odisha in the iconic sites to be developed. “Also Odisha deserves a national tribal museum.”

The Chief Minister, however, welcomed Kisan Rail and Krishi Udan for a seamless national cold supply chain and PM-KUSUM to cover 20 lakh farmers for solar pumps.

He also welcomed the removal of the dividend distribution tax and introduction of concessional component tax.

Saying Odisha had requested for extension of concessional tax rates to cooperatives in line with corporate tax cuts. Mr. Patnaik welcomed the announcement of concessional rates for cooperatives.

The Chief Minister also welcomed the increase of deposit insurance coverage from ₹1 lakh to ₹5 lakh, and announcement for new educational policy and FDI in the education sector.

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Printable version | Mar 29, 2020 5:46:03 PM | https://www.thehindu.com/business/budget/budget-2020-all-allocations-under-centrally-sponsored-schemes-stagnant-naveen-patnaik/article30714264.ece

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