Odisha Achieves Annual Revenue Collection Target From Minerals Sector In Six Months

Odisha has surpassed its annual revenue collection target from the minerals sector in just six months of FY22. The collection from the minerals sector increased by 221 per cent to over Rs 18,800 crore in the April-September period.

Notably, revenues generated from the sector stood at Rs 5,870 crore in the same period last fiscal and at Rs 5,222 crore in the first half of FY20.

Odisha's Revenue Collection From Minerals Sector
Odisha’s Revenue Collection From Minerals Sector

As against the State’s budget estimation of Rs 13,700 crore as mineral revenue for the 2021-22 fiscal, Odisha has already collected Rs 18,841.54 crore by September 30, said a senior official from the finance department.

The state government has revised its targets and expects to rake in around Rs 36,000 crore revenue from the mineral sector by March 31, 2022, he added.

The official praised policy changes made by the state government that led to better collections. ”The increase is mostly due to auction of blocks as per the revised norms which allowed the government to grant a mining lease through bidding process only. An upward movement in mineral prices in the international market also contributed to it”.

The state government conducted auctions of nine major mines between July and September, the official added.

He also added that due to this unexpected growth in revenue generation from the mineral sector, Odisha’s non-tax receipt reached Rs 19,922 crore till September 30 – almost meeting the annual target of Rs 20,000 crore for the current fiscal.

Meanwhile, the state’s own tax revenue collection stood at Rs 17,553.23 crore till September 30, recording a 30 per cent growth over the corresponding period of the last fiscal.

Notably, Odisha’s excise revenue collection in this period also surged, registering a 103 per cent growth with over Rs 2,402 crore collected.

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