Decoding India’s Public Finance Management System: Challenges, Best Practices & Way Forward
Friday, 14 January 2022 ADD TO CALENDAR
4:00 PM To 5:00 PM
Strong public financial management practices are not only core to public finance but have a substantial, downstream impact on on-ground scheme implementation and thus the attainment of stated policy outcomes. Government ability to raise, allocate, and use public funds effectively forms the cornerstone of their ability to provide public goods and undertake service delivery.
Over the past few years, attempts have been made to develop a public finance management system that tracks funds through the budget cycle. One such example is the Union government’s Public Finance Management System (PFMS) which was launched in 2009 and has sought to streamline the tracking and accounting of public funds. Several states too have tried to develop their own integrated fund management systems to ensure greater transparency and efficiency in public service delivery.
With the next Budget session of the Parliament round the corner, and against the backdrop of rising COVID-19 cases, fund allocations to welfare-oriented Union ministries and Centrally Sponsored government schemes will once again come into focus. An important question to ask is — “how can the government spend its money more effectively to deliver public services and achieve development outcomes”?
About the Panel Discussion
Any robust PFMS can be made more agile by tracking funds through the budget cycle from budget formulation, to execution and finally, evaluation. The pre-Budget period is thus an opportune moment to reflect on the shortcomings of the existing systems and the best practices associated with a focus on data and scalability.
In order to spark a longstanding dialogue on what can constitute an agile PFMS and inform evidence-based next steps, the Accountability Initiative at the Centre for Policy Research and MSC (MicroSave Consulting) will be bringing together key stakeholders for a virtual panel discussion.
The discussion will focus on ensuring the efficiency of spending in the face of strained resources through two overarching themes. These are:
- How can fund flow practices be made stronger such that funds reach the last mile in a timely manner?
- How can current data management practices that often lead to weak accountability within the government, but also to the citizens, be strengthened?
- Dr. Sekhar Bonu, Director General, Development Monitoring and Evaluation Office, NITI Aayog
- Mr. Satya Priya Rath, Additional Secretary, Department of Finance, Government of Odisha
- Moderated by Ms. Avani Kapur, Lead — Accountability Initiative & Fellow at the Centre for Policy Research
To attend the panel discussion, kindly send us your interest at [email protected]