Bhubaneswar, Sept. 7: Chief minister Naveen Patnaik inaugurated the Centre of Excellence in Fiscal Policy and Taxation (CEFT) today.

The state government in collaboration with Xavier University, Bhubaneswar, established the centre, which aims to converge academic research and public policy making.

The centre has been established as the first point of reference for policy research in tune with the objectives of the Odisha Fiscal Responsibility and Budget Management (FRBM) Act of 2005. It will focus on providing fiscal reports and relevant data, revenue forecasting, analysis of fiscal and financial issues, budget outlook, project financing and management, specialised training for finance and taxation officials and interaction between academicians and finance officials.

Naveen said CEFT is a unique model among all state-level fiscal policy units and aims at being a platform for fiscal management and taxation policies in the state.

"The inter-governmental fiscal transfer system has undergone transformation with the setting up of the NITI Aayog, recommendation for increased devolution by the 14th Finance Commission and change in dispensation for central plan assistance to the state. The growth momentum in the national and the state economy is required to be revived and make the growth more inclusive," Naveen said.

Asit Ranjan Mohanty of Xavier University has been nominated as the chair professor of CEFT. A governing body chaired by the additional chief secretary (finance) will set the working policies and deliverables for CEFT and the chair professor will be the member secretary.

Finance minister Pradip Kumar Amat said: "The shift in inter-governmental fiscal relations in recent times is both a challenge and an opportunity for the fiscal administrators to work for long term fiscal sustainability. It would ensure economy, efficiency and effectiveness in public financial management and would provide value for money."

The vice-chancellor of Xavier University, Father Paul Fernandes, said: "Every state has to deliver public goods and services to its citizens. The Centre will work towards accurate and timely analysis of the budget, inter-governmental fiscal transfers and revenue expenditure trends."

The inauguration function was followed by a national conference on fiscal policy and taxation.