Public Financial Management System: Revolutionizing Governance in India
NEW DELHI: Union Finance Minister Nirmala Sitharaman recently highlighted the transformative impact of the Public Financial Management System (PFMS) at the 49th Civil Accounts Day. She emphasized that the PFMS has significantly benefitted approximately 60 crore people by ensuring direct delivery of over 1,200 central and state schemes, including 1,100 Direct Benefit Transfer (DBT) schemes.
Empowering Citizens Through Digital Integration
According to Sitharaman, the PFMS has played a pivotal role in achieving key governance objectives. It has facilitated end-to-end digitization by integrating with more than 250 external systems, including GeM, GSTIN, and PM Kisan. This integration marks a substantial shift from traditional departmentalization to a more efficient digital governance model.
Strengthening Cooperative Federalism
The Finance Minister noted that the PFMS has strengthened cooperative federalism by integrating 31 state treasuries and connecting 40 lakh program implementing agencies. This seamless financial management system ensures timely and transparent disbursement of government funds to millions of citizens.
A Silent Revolution in Public Finance
“In a journey from departmentalisation to digitalisation, the Indian Civil Accounts Service has brought a silent revolution through the PFMS,” stated Sitharaman. This initiative not only streamlines financial processes but also enhances accountability and transparency in the government’s financial dealings.
Stay Updated with Looffers.com
For more updates on government initiatives, public holidays, and financial news in India, stay connected with Looffers.com. Discover deals, offers, and insights that can enhance your financial literacy and everyday savings.
