The Finance Commission of India plays a crucial role in determining:

The correct answer is: a) Tax sharing between Centre and Odisha.

The Finance Commission of India is a statutory body constituted by the President of India every five years to review the financial relations between the Union and the States. It is responsible for making recommendations to the President on the following matters:

• The distribution of net proceeds of taxes between the Union and the States;
• The principles governing grants-in-aid to the States;
• The measures needed to augment the Consolidated Fund of a State to supplement its revenues from its own sources;
• The measures needed for balanced development of all parts of the country; and
• Any other matter referred to it by the President in the interests of sound finance.

The Finance Commission has played a crucial role in determining the tax sharing between the Centre and the States. It has recommended a number of measures to improve the fiscal position of the States and to ensure balanced development of all parts of the country.

The other options are incorrect because:

• b) Fiscal targets for Odisha are determined by the State government.
• c) Budgetary allocations are made by the State government.
• d) Borrowing limits for Odisha are determined by the Reserve Bank of India.