The Orissa Fiscal Responsibility and Budget Management Act, 2005
The Orissa Fiscal Responsibility and Budget Management Act, 2005
Finance200518 sections
This Act regulates the financial management of the State Government of Orissa by mandating the creation of a Medium Term Fiscal Plan and setting targets for fiscal indicators. It applies to the State Government and its agencies, requiring them to lay these plans before the legislature annually. The law matters because it aims to ensure fiscal discipline, control the state's debt and liabilities, and promote sustainable economic growth by preventing excessive borrowing and ensuring that revenue expenditure does not exceed revenue receipts, thereby securing the state's long-term financial health.
- 1. Short title, Extent and commencement
- 2. Definitions
- 3. Medium Term Fiscal Plan to be laid before the Legislature
- 4. Fiscal Management Principles
- 5. Fiscal Management Targets
- 6. Measures for fiscal Transparency
- 7. Acknowledgement of liabilities in Annual Budget
- 8. Measures to enforce Compliance
- 9. Power to make rules
- 10. Rules to be laid
- 11. Protection of action taken in good faith
- 12. Application of other laws not barred
- 13. Power to remove difficulties
- Form I. Fiscal Policy Strategy Statement
- Form II. Medium Term Fiscal Plan
- Form III. Disclosure Statement
- Form IV. Special Statement on Number of Employees and Related Salaries
- Form V. Statement of Deferred Liabilities
PDF: pending for this language.