Chief Minister Naveen Patnaik inaugurated a Centre of Excellence in Fiscal Policy and Taxation (CEFT) established by the Government of Odisha in collaboration with the Xavier University Bhubaneswar here on Monday.
Patnaik said the CEFT would work towards accurate and timely analysis of the budget, inter-Governmental fiscal transfers and revenue and expenditure trends.
“I hope the centre will contribute immensely to the policymaking process, for improving the quality of fiscal planning and policy formulation,” said the Chief Minister, adding, “This will go a long way in ensuring efficient and prudent management of State finance on sustainable basis which, in turn, will ensure higher growth for the State’s economy.”
He also said the CEFT, which marks a convergence between academic research and public policy making, would position itself as the first point of reference to provide research input for policymaking in tune with the sound principles of taxation and prudent fiscal management.
Patnaik said the Tax GSDP ratio of the State has increased from about 4 per cent in 1999-2000 to about 6.4 per cent in 2014-15. “Debt to GSDP ratio is one of the lowest in the country at present. It is indicative of our capacity to go for greater capital investment to enable higher growth,” he added.
The Chief Minister also inaugurated a national-level seminar on ‘Fiscal Policy and Taxation’ organised by the CEFT in the university.
Notably, the CEFT has nine members headed by Additional Chief Secretary (Finance) R Balkrishnan. It would continue for five years. If the State Government wants, it may continue for long, said a member of the centre.
Among others, Finance Minister Pradeep Kumar Amat, Development Commissioner UN Behera, Additional Chief Secretary (Finance) R Balkrishnan, Xavier University vice chancellor Fr Paul Fernandes and chair Professor of Centre of Excellence in Fiscal Policy and Taxation Dr Asit Ranjan Mohanty also spoke on the occasion.