Policy

Bring in more efficient, adaptive tech to smoothen working of PFMS: Sitharaman

PTI New Delhi | Updated on March 01, 2020 Published on March 01, 2020

Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Sunday asked civil accounts officers to focus on bringing in more efficient and adaptive technologies to further smoothen the working of the Public Financial Management System (PFMS).

Speaking at a function here to mark the 44th Civil Accounts Day, she said there is so much more to be accomplished and officers need to be responsive to the changes.

The minister further said the officers are not only competent accounts persons, but also competent technology professionals.

“Even as we are talking of technology,, newer versions come in, rapid changes are happening and therefore to keep on top of it is a big exercise. You have to constantly keep changing the milepost, bring in more and more efficiency and adaptive technology,” Sitharaman said.

She also said that they have “revolutionised” technology-driven PFMS and it has empowered India to be accountable, responsive and transparent.

“Today all over the world DBT (direct benefit transfer) and GST (Goods and Services Tax) are being talked about as one of the silent revolution that democracy can show off to the world,” the minister added.

She said the officers have shown that public finance is not opaque, but efficient and responsive to the public.

“This is biggest revolution. The Rs 1 lakh crore you have saved through DBT, these are not just symbolic. The Rs 1 lakh crore being saved for the public (is) by efficient use of technology without making anyone feel sorry,” she said.

Through efficient use of technology, this service has proven that corruption and wrongdoing can be removed from the system, she added.

PFMS is designed to help the government agencies for processing payments, tracking, monitoring, accounting and reconciliation.

It tracks funds disbursement and ensures that state treasuries are integrated with the Centre to ensure money is sent as and when required.

Speaking at the function, Expenditure Secretary T V Somanathan said integration of PFMS with railways, defence and postal service needs to be taken forward and the officers should expeditiously implement further ongoing initiatives so that it realises its full potential.

“I would like to draw your attention to huge volumes of data PFMS have within it which can be effectively use to improve the quality of expenditure,” he said.

He added greater attention is required to ensure timely payments.

Expenditure payments and tax refunds should be paid promptly without any kind of unnecessary delay, he said.

He asked the officers to be very responsive to complaints received with regard to payment delays. PTI

Published on March 01, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.