ODISHA- A LEADING STATE IN INTEGRATED FINANCIAL MANAGEMENT.
State Gets Best State Award-2016 for NPS
Electronic receipt Model of Odisha adopted in GSTN
Fiscal deficit of the State well within the limits
Debt/GSDP ratio well within the limit and control
Capital Outlay more than 4% of GSDP till Nov, 2016
CHIEF SECRETARY ADVISED TO SCALE UP INNOVATIONS TOWARDS REFORM.
Bhubaneswar, 12th Jan 2017(By Biswaranjan Mishra)- Odisha is a leading State in Integrated Financial Management System (IFMS) and Public Financial Management System (PFMS). This was discussed in the Annual Review meeting of Finance Department taken by Chief Secretary Sri Aditya Prasad Padhi in conference hall of the department wherein Principal Secretary Finance Sri Tuhin Kanta Pandey presented the updates and outlined the issues for discussion.
The major activities of the department like budget management, treasury management, loan & guarantee management, pension policy & pension disbursement, fiscal policy management, audit of local fund institutions, coordination with GoI, RBI and Accountant General, Coordination with Banks, Financial Institutions & External Donor Agencies etc were reviewed in the meeting. Chief Secretary Sri Padhi while congratulating the department for reform measures already implemented asked the officers to scale up such activities during the coming financial year.
The review revealed that State has moved to online system of RBI named e-Kuber for all receipts and payments and has integrated it with IFMS. The facility for online submission of pension papers has also been provided in IFMS. The facility of online sanction of around 14 services including pension, provident fund etc have also been incorporated in IFMS platform. E-Transfer of PL accounts across treasuries has been made operational. Principal Secretary Sri Pandey appraised that the next step would be to leverage the system for online generation of cash book.
Replying to a media query after the meeting, Chief Secretary Sri Padhi said that finance department has performed well in the last fiscal year. Department has rolled out a set of reform measures for which Odisha has become a leading State in implementation of IFMS, PFMS and budget management. The Department has also performed well in major fiscal indicators.
Available data show that revenue from VAT & CST collected through Finance dept. has increased by 13.3% up to 31st December of the current fiscal year (2016-17) in comparison to the same period of the last fiscal excluding the revenue withheld by IOCL. The total collection from VAT & CST up to December, 2016 has been Rs. 8759 cr
Replying to the media query Principal Secretary Finance Sri Pandey said that apart from well integrated treasury management System State has also performed well in other macro fiscal indicators. The revenue surplus of the State is at 1.7% of the Gross Domestic Product (GSDP). The fiscal deficit is well within the permissible limit of 3.5 % of GSDP. The present level of fiscal deficit is around 2% of GSDP. The debt and GSDP ratio of the State is well below the permissible limit of 25% with present level at 14%. The tax and GSDP ratio is at 5.3% State’s own revenue & GSDP ratio is more than 7%.
Further Principal Secretary Sri Pandey added that capital outlay and GSDP achievement till November, 2016 has been around 4%. The department has implemented many institutional reforms. IFMS of Odisha has been nominated for award by a National Agency CSI-Nihilent. The prize would be received on 24th Jan, 2017 at Coimbatore. The budget speeches of 80 years from 1936-37 have been digitized and made available in website of the department. State PMU has been functionalized with a team of technical experts. Odisha is now one among 9 leading States in the country with regard to roll out of Public Financial Management System (PFMS). State has also got Best State Award-2016 for subscriber’s record maintenance in National Pension Scheme (NPS).
Special Secretary Finance Sri Ashok Kumar Meena, Commissioner Commercial Taxes Sri Saswat Mishra, Additional Secretary Finance Sri Debendra Kumar Jena along with other senior officers of the Department participated in the discussions.