New Delhi, Dec 6 (IANS) India’s public finance administration practices have digital public monetary administration as its cornerstone, which has enabled substantial fiscal financial savings, permitting extra room for growth-enhancing capital expenditure whereas sustaining fiscal self-discipline, in keeping with a senior authorities official.
Anuradha Thakur, Secretary, Division of Financial Affairs, mentioned that organising a strong implementation mechanism, by public finance administration practices, was as vital as having an enabling coverage surroundings.
She spoke about about among the constructing blocks of India’s digital public monetary administration, particularly the Public Monetary Administration System (PFMS) — India’s unified platform for monitoring fund flows from the Union Authorities to states, businesses, and beneficiaries on real-time foundation.
Talking at a seminar on sharing India’s PFMS expertise for World South right here, the Secretary additionally emphasised the institutional function of the Civil Accounts Organisation in managing the PFMS platform.
She talked about that the mixing of PFMS with the Digital Funds and Direct Profit Switch (DBT) has ensured that subsidies and welfare advantages attain on to the inhabitants thereby minimising leakages and duplication.
These, mixed with the digital instruments for income technology comparable to e-invoicing, e-way payments and faceless assessments, have widened the tax base and diminished evasion. These measures mixed have strengthened income flows and helped enhance fiscal steadiness with out rising tax charges.
The Secretary summarised the learnings of India’s fiscal consolidation expertise, like rules-based fiscal coverage builds self-discipline and credibility; common, necessary disclosures cut back data asymmetries aiding environment friendly choice making; and Federal Coordination Mechanisms Enhance Compliance and alignment of fiscal targets between the federal authorities and its federating models.
Sudhakar Dalela, Secretary (Financial Relations), counseled India’s internationally recognised achievements in Digital Public Infrastructure (DPI) — together with identification techniques, immediate funds, and safe data-sharing layers — which have strengthened accountability and enhanced last-mile governance outcomes.
TCA Kalyani, Controller Common of Accounts of India, highlighted India’s long-standing ethos of custodial integrity in public finance and the pivotal function of treasury self-discipline in governance.
Kalyani emphasised that India’s PFM modernisation is anchored within the precept of “Koshpoorvah Sarvarambhah”—the requirement that each authorities motion should start with a robust, accountable treasury.
—IANS
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