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PFMS has saved Rs one lakh crore for Exchequer: FM

 

By TIOL News Service

NEW DELHI, MARCH 02, 2020: THE Government has revolutionized the technology driven Public Finance Management System (PFMS) that has silently empowered India to be accountable, responsive and transparent. Ms Sitharaman said this while addressing inaugural session at the 44th Civil Accounts Day function here yesterday. The FM said that PFMS has saved Rs 1 lakh crore for the country. 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.

Commending the role of Controller General of Accounts, Ms Sitharaman said that not only that it is making nation more efficient and transparent but also more effective in using its public finance. The Finance Minister further said that the job of CGA is unenviable as it is a constant challenge to keep up with technology while being efficient and progressive in outlook.

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.


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