Decoding India’s Public Finance Management System: Challenges, Best Practices & Way Forward (Summary Notes)
Over the past few years, attempts have been made previously 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) launched in 2009, which 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. The need to ensure the efficiency of spending gains even more importance in the
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) brought together key stakeholders for a virtual panel discussion.
This panel offered insights on ensuring the efficiency of spending in the face of strained resources by:
- Looking more closely at the data management practices that often lead to weak accountability both within the government, and also to
- Exploring how to strengthen fund flow practices such that funds reach the last mile in a timely manner