Bhubaneswar: The Odisha Cabinet on Wednesday approved the acceptance of a single bid submitted by M/s TCS Ltd. for the development of IFMS 3.0, a major upgrade to the state’s core financial management system. The bid, valued at ₹290.66 crore (excluding tax), was cleared after due technical and financial evaluation, followed by negotiations at multiple levels.
The Integrated Financial Management System (IFMS) is a critical IT backbone of the Odisha government, used across administrative departments by employees, pensioners, and citizens alike for functions ranging from budget formulation to payment processing, accounting, revenue collection, and auditing.
With the contract for IFMS 2.0, also developed by TCS, having expired on April 30, 2025, the state government initiated the process to upgrade to IFMS 3.0, which will be built using cutting-edge micro-service architecture to improve scalability, efficiency, and user experience.
A tender for selecting the new system developer was floated via the MSTC platform on March 15, 2024, in line with the state’s procurement norms. However, only one bid was received — from M/s TCS Ltd. Upon opening of bids on April 4, 2025, TCS was found to be eligible in both technical and financial evaluations.
Following negotiation rounds by the Directorate of Treasuries and Inspection (DTI) and the departmental procurement committee, TCS revised its quoted amount to ₹290.66 crore, which is 23.51% lower than the cost estimate earlier prepared by the technical committee.
Given that the project cost exceeds ₹100 crore, Cabinet approval was required. With today’s green signal, the development of IFMS 3.0 is expected to begin soon, ushering in a modern, robust, and citizen-friendly financial management system for Odisha.
