Bhubaneswar27/4/23: Odisha’s Integrated Financial Management System is now a model for other States to develop their own treasury management system, said Chief Minister Naveen Patnaik on Thursday.
Addressing the 32nd General Body Meeting of the Odisha Finance Service Association, the Chief Minister said, “At the core of all the success stories of our State is our fiscal discipline, effective mobilization of resources and formulation of public policies ensuring proper and just use of the resources”.
The contribution of Odisha Finance Service needs no elaboration. This cadre is uniquely placed to aid and facilitate in Government’s development endeavors and transformational initiatives. Odisha now tops the list of large States in fiscal performance, the CM said.
The Chief Minister said, “Our own tax revenue collection has increased substantially and our own revenue constitutes 60 percent of our total revenue receipts. Our reliance on Central transfers has reduced and it now stands at 40 percent of our total revenue receipts. Our Integrated Financial Management System is now a model for other States to develop their own treasury management system”.
In such a context, the public financial management encompassing a gamut of activities, like –strategic budgeting, effective administration of GST and IFMS enabling just-in-time funding system, assume greater significance in achieving our dream of a prosperous Odisha, the CM added.
“As you all know our Government has taken transformational initiatives to ensure timely delivery of scheme benefits and quality public services. The twin initiatives of 5T and Mo Sarkar have brought in a sea-change in governance mechanism, and have ensured public participation in the development process. The hosting of the World Cup Hockey twice in a row, effective management of the pandemic, the huge success of the third edition of the Make-in-Odisha Conclave and many other achievements have beckoned the rise of New Odisha. We now lead the country in every parameter of socio-economic development”, Naveen further said.