Odisha projects rising debt and forms new economic advisory council

The Odisha government has announced long-term economic strategies and fiscal projections. Chief Minister Mohan Charan Majhi informed the Assembly that the state’s debt is projected to exceed Rs 1.48 lakh crore by the end of the 2026–2027 fiscal year. This includes a projected net borrowing of Rs 25,800 crore for that year. Despite the increase, the government maintains that the debt-to-GSDP ratio of 13.38% and the interest payment-to-revenue receipt ratio of 3.30% will remain within the limits established by the Fiscal Responsibility and Budget Management (FRBM) Act of 2005.

To support long-term growth, the state has also constituted the Chief Minister’s Economic Advisory Council (CM-EAC). The council is tasked with providing data-driven policy advice to help achieve the state’s goals of a USD 500 billion economy by 2036 and a USD 1.5 trillion economy by 2047. The advisory body includes experts from fields such as international economics, agriculture, and technology.