Odisha Experiencing Economic Slowdown: Prasanna Acharya

Bhubaneswar: Odisha is experiencing the impact of economic slowdown as its revenue collections dipped during 2011-12, state's Finance Minister Prasanna Acharya said on Monday.

"Odisha also experiences economic slowdown which hit the country," Acharya said replying to a query in the Assembly. The state's revenue collection, both in terms of own tax revenue and own non-tax revenue, declined due to the economic slowdown, he said.

While the growth rate of own tax revenue during October 2010 was calculated at 22.07 percent, the ratio declined to only 11.13 percent in October 2011, he said.

The minister, however, said that the state was hopeful of overcoming the situation due to strong fiscal discipline. Replying to another question, the Finance Minister said: "The state is likely to generate an additional revenue of Rs 1,200 crore due to a hike in the price of diesel".

The Minister said the additional revenue from diesel could be generated if the quantity of fuel sales remained constant.