Home / HEADLINES / Govt saved 1 lakh crore rupees by using technology more effectively: FM Nirmala Sitharaman

Govt saved 1 lakh crore rupees by using technology more effectively: FM Nirmala Sitharaman

After the creation of the Indian Civil Accounts Service in 1976, the payment, receipt and accounting function of the civil ministries have experienced significant qualitative changes in the form of prompt payments, even pace of expenditure, quick and reliable reporting which had helped in better fiscal management of the Government. The service has been a pioneer in the use of technology for effective delivery of public services. 

During the inaugural ceremony of 44th Civil Accounts Day, the Union Finance Minister, Nirmala Sitharaman, lauded the technology driven silent revolution in Public Financial Management that has saved Rs 1 lakh crore for the country. She acknowledged the technology-driven initiatives taken by the Controller General of Accounts in strengthening the various aspects of Public Financial Management thereby plugging leakages, reining in corruption for better accountability and transparency. The Finance Minister highlighted that the Public Financial Management System (PFMS) has now come to be recognized as a distinct brand in the field of public finance management at various multilateral and global fora. She stressed that these achievements are not merely symbolic but has had a real and lasting impact on public service delivery system. 

Speaking on the occasion, Dr. T V Somanathan, Secretary (Expenditure), emphasized that the Indian Civil Accounts Service Organization has proved its IT prowess by enabling PM-KISAN payments to over 8.46 crore beneficiaries directly into their bank accounts through Direct Benefit Transfer (DBT) payments. He commended the service for the efficiency and accuracy with which it places expenditure and accounts data in the public domain for consumption of all stakeholders, at par with global standards. He made a special mention of providing unaudited provisional accounts within just 2 months of the close of the financial year with 99 percent accuracy. In the future roadmap that he outlined for the service, he made special mention of need for integration of PFMS with non-Civil accounting formations. He further emphasised the need for ensuring no delays in payments, as CGA is the critical link in the payment chain for all stakeholders in expenditure management.

Soma Roy Burman, Controller General of Accounts, stated that PFMS has evolved into a useful financial management tool for the government. She assured that the service would constantly strive to achieve new heights in the field of payments, receipts, accounting and internal audit by effective use of digital technologies, and improve fiscal reporting protocol as part of Government Integrated Financial Management System (GIFMIS) for more effective fiscal management. Subodh Kumar Mathur, Additional Controller General of Accounts highlighted the fact that today PFMS is successfully processing over 25 lakh beneficiary transactions per day.

Please share this news