Measures for fiscal Transparency

(1) The State Government shall take suitable measure to ensure greater transparency in its fiscal operations in public interest and minimize secrecy as far as practicable in the preparation of the Annual Budget : Provided that the State Government shall have the power to reserve any such information which would adversely affect the interest of the State Exchequer. (2) The State Government shall at the time of presentation of the Annual Budget disclose in a statement the significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of prescribed fiscal indicators. (3)The consolidated position in respect of all Demands shall be brought out in the Budget at a glance. (4) The estimated yearly pension liability shall be worked out on realistic basis for the next ten years. (5) New policies being introduced in the Annual Budget shall be clearly described. (6) Budget information shall be presented in a way that facilitates policy analysis and promotes accountability. (7) Details regarding arrear of Revenues (both tax and non-tax revenues) shall be given in a separate statement to be appended with the Receipt Budget. (8) Prioritising the allocation of the funds shall be done in a manner that would endure completion of on- going projects as per the time schedule.The State Government shall furnish a list of such projects based on zero base investment review and targeted date of completion and reason of deviation, if any, in the previous years. (9) The statement indicating the institution wise State Government guarantees given, default by these organizations in discharging debt servicing liabilities and contingent liability created in the State Government account, on account of default of these organisations shall be placed before the State Legislature. The statement will also indicate the working of the Escrow Account opened by the Public Undertakings, Co-operatives and Urban Local Bodies. (10) Special Statements along with the budget giving in detail the number of employees in government, public sector and aided institutions and related salaries shall be brought out. (11) The Budget document shall contain a statement showing tax concession and exemptions given in financial year. (12) The State Government shall publish full information on the level of its debt and financial assets. The information on debt shall disclose maturity profile and interest rate. (13) A report on execution of the budget and achievement against fiscal targets/indicator shall be presented before the State Legislature. (14) Annual statement along with the Budget shall be brought out giving prospects of the State’s economy and related fiscal strategy. (8) Prioritising the allocation of the funds shall be done in a manner that would endure completion of on-going projects as per the time schedule. The State Government shall furnish a list of such projects based on zero base investment review and targeted date of completion and reason of deviation, if any, in the previous years.

(9) The statement indicating the institution wise State Government guarantees given, default by these organizations in discharging debt servicing liabilities and contingent liability created in the State Government account, on account of default of these organisations shall be placed before the State Legislature. The statement will also indicate the working of the Escrow Account opened by the Public Undertakings, Co-operatives and Urban Local Bodies.

(10) Special Statements along with the budget giving in detail the number of employees in government, public sector and aided institutions and related salaries shall be brought out.

(11) The Budget document shall contain a statement showing tax concession and exemptions given in financial year.

(12) The State Government shall publish full information on the level of its debt and financial assets. The information on debt shall disclose maturity profile and interest rate.

(13) A report on execution of the budget and achievement against fiscal targets/indicator shall be presented before the State Legislature.

(14) Annual statement along with the Budget shall be brought out giving prospects of the State’s economy and related fiscal strategy. The State Government shall, at the time of presentation of the Annual Budget, make disclosure in a statement in Form III indicating any significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of prescribed fiscal indicators. (12) The State Government shall publish full information on the level of its debt and financial assets. The information on debt shall disclose maturity profile and interest rate. (13) A report on execution of the budget and achievement against fiscal targets / indicator shall be presented before the State legislature. (14) Annual statement along with the Budget shall be brought out giving prospects of the State’s economy and related fiscal strategy. In the Odisha Fiscal Responsibility and Budget Management Act, 2005, after the second proviso to section 5, the following provisos shall be inserted, namely:- "Provided also that for any given financial year for which the borrowing limits are to be fixed if the debt-GSDP ratio is less than or equal to 25 per cent in the preceding financial year, the fiscal deficit may go up further by 0.25 per cent on the GSDP, when there is no revenue deficit in the said year and the immediate preceding financial year : Provided also that for a given financial year for which the borrowing limits are to be fixed if the interest payments are less than or equal to 10 per cent of the revenue receipts in the preceding financial year, the fiscal deficit may go up further by 0.25 per cent on the GSDP, when there is no revenue deficit in the said year and the immediate preceding financial year: Provided also that if the Central Government requires the State Government to take over the debt of any State Public Sector Undertaking or Utility in a particular financial year, the fiscal deficit limit as fixed in this section may go up by the amount of debt taken over by the State Government in that financial year.".