Home Finance FRBM Act Gets Fresh Look

FRBM Act Gets Fresh Look

Bhubaneswar: The State Cabinet cleared a proposal for amendment of the Odisha Fiscal Responsibility and Budget Management Act, 2005.

Amendment to Odisha FRBM Act is proposed on the basis of the consent received from the Union Government.

This will enable the State Government to meet higher resources requirement for C0VID-19 management, maintain the standards of service delivery to the public, compensate the shortfall arising out of GST implementation (GST Compensation Shortfall), and maintain the level of Capital Expenditure on infrastructure projects in the State.

With the proposed amendment of the FRBM Act, the State Government would be able to avail additional fiscal deficit of 2% of GSDP during the financial year 2020-21.

This includes unconditional borrowing of 1% of GSDP and the balance 1% depending upon implementation of four sectoral reforms, each carrying weightage of 0.25%.

The officials said the State Government has been pleased to announce formulation of the new cadre Rules “Odisha Handicrafts Services (Method of Recruitment and Conditions of Service) Rules, 2021” for recruitment and management of Group-A & B Officers who will work under the administrative control of HT&H Department.

The Cabinet also approved several other proposals including one to announce formulation of the new cadre Rules “Odisha Sub-ordinate Handicrafts Services (Method of Recruitment and Conditions of Service) Rules, 2021” for recruitment and management of Handicrafts Promotion Officers in Group-B who will work under the administrative control of HT&H Department.

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