Finance Minister Praises Public Financial Management System
New Delhi: Finance Minister Nirmala Sitharaman recently highlighted the importance of the Public Financial Management System (PFMS) during celebrations for the 49th Civil Accounts Day. She noted that the PFMS has played a vital role in improving governance by ensuring that around 60 crore people benefit directly from government schemes.
Sitharaman pointed out that the PFMS has successfully enabled direct delivery for over 1,200 central and state programs, including 1,100 Direct Benefit Transfer (DBT) schemes.
She emphasized that the PFMS has also facilitated full digital integration by connecting with more than 250 external systems, such as the Government e-Marketplace (GeM), Goods and Services Tax Identification Number (GSTIN), Tax Information Network (TIN 2.0), and PM Kisan, among others.
During her address, the Finance Minister praised the Indian Civil Accounts Service for its journey from traditional methods to digital practices, calling it a "silent revolution" brought about by the PFMS.
Furthermore, she mentioned that the system has strengthened cooperative federalism by integrating 31 state treasuries and 40 lakh program implementation agencies. This integration has resulted in better financial management for millions, helping to ensure that government funds are distributed in a timely and transparent manner.
