FM Sitharaman to Preside Over 49th Civil Accounts Day Celebrations in New Delhi
Union Finance Minister Nirmala Sitharaman will preside over the celebrations for the 49th Civil Accounts Day in New Delhi on March 1, marking the Foundation Day of the Indian Civil Accounts Service (ICAS).
New Delh: Union Finance Minister Nirmala Sitharaman will preside over the celebrations for the 49th Civil Accounts Day in New Delhi on March 1, marking the Foundation Day of the Indian Civil Accounts Service (ICAS).
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Keynote Address by Arvind Panagariya on India’s Global Economy
Arvind Panagariya, Chairman of the 16th Finance Commission, is also set to deliver the keynote address on the topic “India in Global Economy: The Next Decade” during the second session of the event, as per a statement from the Ministry of Finance.
Release of PFMS Compendium During the Inaugural Session
During the inaugural session, a compendium on the Public Financial Management System (PFMS) will be released. PFMS is a key IT platform used for the financial administration of the government, including payment, receipt, accounting, cash management, and financial reporting.
Importance of PFMS in Public Expenditure Management
The Ministry highlighted that PFMS has played a crucial role in enabling Direct Benefit Transfers (DBTs), which are a significant reform in the management of public expenditure. It has provided the digital infrastructure for the operationalization of these transfers.
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Evolution of ICAS and Its Role in Public Financial Administration
The Indian Civil Accounts Service (ICAS) was established in 1976 following a major reform in public financial administration. On March 1, 1976, the President of India promulgated ordinances that separated the maintenance of Union Government accounts from audit functions, leading to the creation of departmentalized accounts.
Since its inception, ICAS, led by the Controller General of Accounts (CGA), has played a vital role in financial governance.
ICAS Commitment to Digitalization and Advanced Financial Management
During the 49th Foundation Day celebrations, ICAS will reaffirm its commitment to enhancing service delivery through comprehensive digitalization. The service aims to ensure secure and efficient financial management by leveraging advanced technologies for data-driven decision-making.
The PFMS, which now manages the accounting for the Union Government’s entire budget and 65 percent of its payment budget, stands as a testament to ICAS’s leadership in this digital transformation.
