India steps forward in Global South cooperation by sharing its expertise in Public Financial Management

The Controller General of Accounts (CGA), in collaboration with the Ministry of External Affairs, organised a seminar to showcase India's PFM experience and explore partnerships with countries of the Global South.

Official Spokesperson for the Ministry of External Affairs, Randhir Jaiswal, said that this first-of-its-kind event brought together Heads of Missions and senior diplomatic representatives from Global South countries to discuss digital PFM solutions.

The inaugural session featured addresses by the CGA, the Secretary Department of Economic Affairs, and the Secretary Economic Relations MEA.

"Taking forward Global South cooperation! A first-of-its-kind seminar on sharing India's Public Financial Management (PFM) experience was organised today by the Controller General of Accounts (CGA), DOE @FinMinIndia, in consultation with @MEAIndia. The event brought together Heads of Missions and other senior diplomatic representatives from Global South countries, to discuss advancing partnerships on digital PFM solutions. The inaugural session was addressed by CGA, Secretary Department of Economic Affairs, and Secretary Economic Relations MEA," posted Randhir Jaiswal in X.

https://x.com/MEAIndia/status/1996877754143228211?s=20

India's PFM system, led by the Public Financial Management System (PFMS), has achieved significant milestones, including 100% digitalisation of government schemes and handling over 22.85 lakh crore during the pandemic. PFMS has also enabled direct benefit transfers, saving the country 1 lakh crore.

The seminar aimed to advance partnerships on digital PFM solutions, fostering cooperation and knowledge sharing among Global South countries.

The Public Financial Management System (PFMS) is a web-based software application developed and implemented by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance, Government of India. PFMS was launched in 2009 to track funds released under all Plan schemes of the Government of India and to provide real-time reporting of expenditure at all levels of Programme implementation, as per the Controller General of Accounts (CGA).

Subsequently, the scope was enlarged to cover direct payment to beneficiaries under all Schemes. Gradually, it has been envisaged that the digitisation of accounts shall be achieved through PFMS, and, beginning with Pay and Accounts Offices' payments, the O/o CGA has further added value by bringing more financial activities of the Government of India within the ambit of PFMS.

The primary function of PFMS today is to facilitate a sound Public Financial Management System for the Government of India by establishing an efficient fund flow system as well as a payment cum accounting network. PFMS provides various stakeholders with a real-time, reliable and meaningful management information system and an effective decision support system, as part of the Digital India initiative of the Government of India, as per the CGA. (ANI)