The ODISHA FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2005
odisha · 2005
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(1) This Act may be called the Orissa Fiscal Responsibility and Budget Management Act, 2005
- S. 2Section 2 allows increased fiscal deficit by 0.25% of GSDP if debt-GSDP ratio is ≤25% and no revenue deficit, or if interest payments ≤10% of revenue receipts, or if state takes over central debt.
- S. 3Section 3 outlines measures to control revenue and capital expenditures, including salary controls, subsidies, and capital outlay for developmental projects in Odisha.
- S. 4In section 8 of the principal Act,– Amendment of section 5
- S. 5Section 5 mandates Odisha's government to eliminate revenue and fiscal deficits within five years, maintaining fiscal deficit at 3% of GSDP thereafter.
- S. 6Section 6 mandates greater transparency in Odisha's fiscal operations, detailing budget changes, pension liabilities, and fund prioritization.
- S. 7Section 7 requires the Odisha State Government to disclose deferred liabilities and unutilized funds in the Annual Budget, aligning policies with fiscal plans.
- S. 8Section 8 enforces fiscal responsibility by ensuring budget consistency, independent compliance reviews, and offsetting fiscal impacts from new policy decisions.
- S. 9Action Plan for Contingent liabilities
- S. 10Section 10 mandates rules made under the act to be presented to the State Legislature for fourteen days for potential modifications.
- S. 11Section 11 protects the State Government and its officers from legal action for good faith actions under the Act.
- S. 12Section 12 allows other laws to apply alongside the Odisha Fiscal Responsibility and Budget Management Act, 2005.
- S. 13Section 13 allows the State Government to issue orders to resolve difficulties in implementing the Act, with orders needing legislative assembly review.