The State Government is expecting to collect over Rs9,000 crore of non-tax revenue during this financial year with an aim to achieve an all-time growth record of 13.48 per cent.While the non-tax revenue collection during last fiscal was Rs7,942 crore with a negative growth of 5.20 per cent, the Government is now upbeat with opening of the mining sector and expectations are high on receiving more mining royalty.
A target has been set to collect Rs9,013 crore of nontax revenue during 2015-16, which is more than Rs1,070 crore than the previous year.A roadmap for next five years prepared by the Department of Finance (DoF) shows that the Government is hopeful of achieving an 8 per cent to 10-per cent growth in nontax revenue collection over these five years.
ACS (Finance) R Balakrishnan has held discussions with all the nontax collecting department heads before charting out such an ambitious programme, said official sources.For 2016-17, the Government has set a target of collecting Rs9,734 crore. And the target for 2017-18 would cross Rs10,000 crore, said a senior DoF officer. During 2017-18, it is targeted to collect Rs10.562 crore with a growth of 8.50 per cent, which is expected to go up to 9.50 per cent in 2018-19 with a target of Rs 11,565 crore.
In 2019-20, the Government expects to mop up Rs12,606 crore with a growth of 9 per cent.This is a huge target, and given the subdued economic scenario, expecting somuch growth is highly ambitious one, said a former Finance Minister.However, DoF officials are upbeat as they expect more revenue due to aggressive mining activities and collection of more mining royalty and industrial water tax.
With more funds in kitty, the Government aims to invest more in capital expenditure. The Capital Outlay would be more than 8 per cent of the GSDP by 2018-19, said an official, adding that the GSDP is over Rs3,25, 000 crore.While during 2015-16, it is targeted to infuse 7.32 per cent of GSDP in the Capital Outlay, in 2016-17 it would be 7.24 per cent, and in 2017-18 it would rise to 7.61 per cent, which would further go up to 8.01 per cent by 2018-19 and 8.21 per cent in 2019-20.