New Delhi, Feb 27: Finance Minister Nirmala Sitharaman is set to preside over the 49th Civil Accounts Day on March 1, marking nearly five decades of the Indian Civil Accounts Service (ICAS) in public financial management.
According to a statement from the finance ministry, a special compendium titled "Digitalisation of Public Financial Management in India: The Transformative Decade (2014-24)" will be unveiled during the event. This document will highlight advancements in the Public Financial Management System (PFMS), a key IT-driven platform that facilitates government financial operations, including payments, receipts, accounting, cash management, and financial reporting.
PFMS has played a crucial role in enabling Direct Benefit Transfers (DBT), a major reform initiative to improve public expenditure efficiency and transparency.
The event will also feature an address by Arvind Panagariya, chairman of the 16th Finance Commission, on "India in Global Economy: The Next Decade." His insights are expected to provide a strategic outlook on India’s economic trajectory.
The Indian Civil Accounts Service (ICAS) was founded in 1976 as part of a landmark public financial administration reform. On March 1 of that year, an ordinance issued by the President of India separated Union Government accounting from audit functions, creating departmentalized accounts. Since then, the ICAS, under the leadership of the Controller General of Accounts (CGA), has played a pivotal role in strengthening financial governance.
The upcoming Civil Accounts Day celebrations will reflect on this journey while emphasizing the future of digital financial management in India.
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