Odisha is the state with the highest revenue surplus in the country. According to a report, Odisha’s revenue surplus in the fiscal year 2021-2022 was a whopping Rs 43,471 crore. Odisha is followed by Uttar Pradesh, which had a revenue surplus of Rs 33,430 crore, and Delhi, which had a revenue surplus of Rs 3,269 crore. Odisha has had a revenue surplus since 2004-05.
Among the larger states, Jharkhand has a revenue surplus of Rs 6,943 crore, Gujarat has a surplus of Rs 6,408 crore, Madhya Pradesh has a surplus of Rs 4,814 crore, and Chhattisgarh has a surplus of Rs 4,642 crore. While Tamil Nadu has the highest revenue deficit of 46,538 crore, Rajasthan has a revenue deficit of Rs 25,869 crore, Maharashtra has a revenue deficit of Rs 16,374 crore, and West Bengal has a revenue deficit of Rs 32,000 crore. Similarly, revenue is low in Telengana, Andhra Pradesh, Karnataka, Punjab, and Haryana.
Prior to the national implementation of the Fiscal Responsibility and Budget Management Act, Odisha was in overdraft for nearly 300 days per year. However, the situation improved dramatically after 2004-05, and the trend is continuing. The Covid-19 epidemic had a significant impact on economic activity. Despite this, Odisha is expected to have a revenue surplus of Rs 2,336 crore in 2020-21, according to the annual budget. In 2019-20, Odisha had a revenue surplus of Rs 9,509 crore. The state’s annual budget for 2018-19 estimated a revenue surplus of Rs 9,980 crore, up from Rs 6,694 crore in 2017-18.