Odisha state fiscal management model lauded
BHUBANESWAR: The single nodal agency model for fiscal management adopted by Odisha government has been lauded by the Ministry of Finance. The role of Odisha was praised at an event which was organised by the Finance Ministry at New Delhi recently. On the occasion, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the single nodal agency (SNA) dashboard of Public Financial Management System (PFMS).
The dashboard displays various public finances of states in the public domain. Odisha was invited by the Finance Ministry as the sole presenter since the State government was an early adopter of the SNA model.
“This is a recognition of prudent fiscal governance, budgeting of the State as well as Odisha’s pioneering and exemplary success in implementing the new SNA model. This is also an acknowledgment of Odisha’s leading role in the field of broader public finance management reforms,” said an official of the Finance department.
The new SNA model for release of funds under Centrally sponsored schemes (CSS) and their monitoring was brought by the Centre in March, 2021. The model envisages timely release of funds to states and down level agencies for greater efficiency in CSS fund utilisation and tracking of funds. Being an early adopter of PFMS with robust Integrated Financial Management System and sound fiscal position, Odisha had a cutting edge over peers in implementing the SNA model.
Apart from continuous monitoring, clear strategy and timely resolution of challenges in implementation with active support from PFMS Central and State Team played a crucial role in complete on-boarding of all the State-linked schemes by the due date.