Bhubaneswar, Sep 7 (IANS): Odisha Chief Minister Naveen Patnaik on Monday said the development of the state requires a subtle and nuanced approach given the unique geographical situation and diverse socio-economic profile.

"The developmental needs of our state, in view of its unique geographical situation and diverse socio-economic profile, throw a unique challenge. It requires a subtle and nuanced approach," said the chief minister.

Patnaik was speaking after inaugurating the Centre of Excellence in Fiscal Policy and Taxation at Xavier University here.

He said in this scenario, it was imperative to meet the rising expectations of the people advising the policy makers to work for long term fiscal sustainability ensuring economy, efficiency and effectiveness in public financial management to meet these imperative needs.

"The growth momentum in the national and the state economy is required to be revived and make the growth more inclusive," he said.

Patnaik said on the fiscal management front, the state has taken great strides.

"We have been achieving fiscal targets set in the Fiscal Responsibility and Budget Management Act, 2005. The Tax GSDP ratio of our state has increased from about 4 percent in 1999-2000 to about 6.4 percent in 2014-15.

"Debt to GSDP ratio is one of the lowest in the country at present. It is indicative of our capacity to go for greater capital investment to enable higher growth," said Patnaik.