Comprehensives Survey of India’s Public Financial Management System

ARTS

In recent times, there has been a growing recognition of the critical role played by a robust Public Financial Management (PFM) system in achieving fiscal discipline, strategic planning, and heightened service delivery in India. Despite intermittent efforts to reform PFM over the years, the expected outcomes in these vital areas have not been realized. Studies and recommendations from government-appointed committees and expert bodies have identified specific gaps that demand attention to strengthen the institutional framework of PFM and enhance the efficiency of government spending. This paper delves into an examination of the key PFM reform measures implemented in India over the past few years. Additionally, it puts forth suggestions aimed at bolstering the effectiveness of these PFM systems. The objective is to bridge existing gaps, address challenges, and contribute to the overarching goal of optimizing public financial management for the betterment of fiscal discipline, strategic planning, and service delivery outcomes.

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