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Odisha would be hit by the drastic reduction of share in central taxes by about Rs 10,840 Crores for the current year announced in the Union budget, said the state Chief Minister Naveen Patnaik on Monday."Odisha would be hit by the drastic reduction of share in central taxes by about Rs 10,840 Crores for the current year and as per the recommendations of the 15th Finance Commission, the horizontal share will decrease from 4.629 per cent to 4.528 per cent for coming 5 years. This will seriously impact the State," he said addressing media.The Chief Minister also highlighted that capital investments are required in Odisha, both in railways and highways sectors, as it has been planned for other states."There is a need to increase allocation in social assistance programmes and the quantum of transfers for local bodies. Centralization of revenue by the introduction of cess in petrol and diesel will weaken the centre-state fiscal balance. Banks have to be made accountable to extend credit to women, farmers and MSMEs," he added.Highlighting the positive aspects of the budget, Patnaik said, "the focus on capital investment to push growth, the reintroduction of the developmental financial institution and, the allocation for COVID vaccine are positive points in the budget," he said.The CM said industry and sector-specific interventions will offer hope if matched with allocation, and 'bold decision' to expand the fiscal deficit to provide growth impetus is also welcomed."I am happy to note that the union budget has turned Green with a digital budget like what Odisha has been following from last year. I am also delighted to see Mission Shakti appear in Union budget focusing on women empowerment. After Odisha's Mamata scheme was adopted by Union Government from 2011-2012, replication of our state's flagship women empowerment initiative Mission Shakti clearly shows that Odisha sets a benchmark for the nation. I am hopeful that after Mamata and Mission Sakti, the next logical step towards women empowerment would be reservation for women in Lok Sabha and the State Assemblies. We will continue to fight for this,' he added.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Odisha would be hit by the drastic reduction of share in central taxes by about Rs 10,840 Crores for the current year announced in the Union budget, said the state Chief Minister Naveen Patnaik on Monday. ...