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Guv Lauds Fiscal Management

Bhubaneswar: Governor Prof Ganeshi Lal on Tuesday highly praised the State Government’s efforts made for proper management of State finance.

“My Government has been a pioneer State in implementing emulative international best practices in Public Financial Management,” the Governor said while addressing Odisha Legisative Assembly here on the first day of Budget Session.  

Odisha has topped among large States in fiscal management, as per the first edition of State Ranking, 2023 by Care Edge. Better score on revenue and fiscal deficit and healthy debt management indicators translated into Odisha topping the ranking in the fiscal category in the State Ranking report, he said.

To enhance transparency and budget credibility, Prof Lal said his Government has been providing complete budget information in user-friendly formats in the website of the Finance Department as well as the dedicated Odisha Budget portal.

Monthly, quarterly and half-yearly fiscal analysis reports are also uploaded for information of the general public as well as the intelligentsia, he said.

“My Government has brought out new disclosures, namely: – Fiscal Strategy Report, Fiscal Risk Statement, SDG Budget and Status paper on Public Debt, along with Annual Budget, 2022-23 making Odisha a leader State in budget transparency and disclosure,” he highlighted.

The Governor said Odisha has become the only State to have a Budget Stabilization Fund to hedge against revenue shortfalls, if any, in future.

With the increase in production and despatch of minerals over the years and successful award of mining lease through transparent auction, the mining revenue of the State has gone up significantly, he pointed out.

Speaking about steps taken to curb Maoist menaces, the Governor said the Left Wing Extremism (LWE) situation in the State was dealt firmly during the last five years. The number of LWE affected districts has now been reduced to 10 from 21 due to proactive response of the Government and security forces.

The turnaround in the situation in the Swabhiman Anchal of Malkangiri has been the most redeeming feature in the success achieved in the anti-LWE front by the State, he added.

He said with abundant natural resources, a skilled workforce, progressive policies, strong result oriented governance and conducive business, the State has emerged as a leading investment destination in the country.

The third edition of the flagship investors summit Makes in Odisha conclave 2022 received an investment intent of more than Rs 10 lakh crores with employment potential of more than 10 lakh.

The Governor further said with the setting up of high-performance centres and world-class sports infrastructures, Odisha has emerged as one of the international sports destinations of the country. The Government he said had successfully hosted the FIH Men’s Hockey World cup twice in a row.

He said the State Government has formulated Odisha Port Policy 2022 for the holistic development of marine ecosystems and to facilitate integrated development of non-major ports and inland waterways, encouraging private investment.

The Odisha Civil Aviation Policy 2022 has been formulated to further improve air connectivity and to a more suitable business environment.

The Odisha Tourism Policy 2022 promoted sustainable and responsible tourism with a vision to introduce niche tourism, resilient tourism infrastructure and focus on accelerated development of the tourism sector.

The new policy, he said, offers unmatched and attractive fiscal and non-fiscal incentives to augment private sector investments.

The State Government, the Governor said, has also formulated Export Promotion Policy 2022 to achieve an export target of Rs.3.5 lakh crores by 2026-27, thereby taking Odisha to the league of top five exporting states in the country.