Nirmala Sitharaman to Lead 49th Civil Accounts Day Festivities in New Delhi
Click to start listening
Synopsis
Union Finance Minister Nirmala Sitharaman will preside over the 49th Civil Accounts Day celebrations on March 1 in New Delhi, marking the Foundation Day of the Indian Civil Accounts Service (ICAS). The event will feature a keynote address by Arvind Panagariya and the release of a compendium on the Public Financial Management System (PFMS).
Key Takeaways
- Nirmala Sitharaman to preside over Civil Accounts Day.
- Arvind Panagariya to deliver keynote address.
- Release of PFMS compendium.
- Focus on digitalization in financial management.
- ICAS established in 1976 to reform public finance.
New Delhi, Feb 27 (NationPress) Union Finance Minister Nirmala Sitharaman is set to lead the celebrations for the ‘49th Civil Accounts Day’ in the national capital on March 1, commemorating the Foundation Day of the Indian Civil Accounts Service (ICAS), as announced on Thursday.
Arvind Panagariya, Chairman of the 16th Finance Commission, is anticipated to present the keynote address on “India in Global Economy: The Next Decade” during the event's second session, according to a statement from the Ministry of Finance.
During the inaugural session, a compendium regarding the Public Financial Management System (PFMS) will also be unveiled.
PFMS serves as the vital IT platform for the government's financial administration, encompassing payment, receipt, accounting, cash management, and financial reporting.
“PFMS has established the digital framework for operationalizing Direct Benefit Transfers (DBTs), which is a significant public expenditure management reform by the government,” stated the ministry.
The Indian Civil Accounts Service (ICAS) was founded in 1976 in response to substantial reforms in public financial administration.
On March 1, 1976, the President of India enacted ordinances to separate the maintenance of Union Government accounts from audit functions, resulting in the establishment of departmentalized accounts.
Since that time, ICAS, under the leadership of the Controller General of Accounts (CGA), has been at the forefront of financial governance.
As per the ministry, ICAS will reaffirm its dedication to enhancing service delivery through extensive digitalization, ensuring secure and efficient financial management while utilizing advanced technologies for data-driven decision-making during the 49th Foundation Day celebrations on March 1.
The PFMS, which currently manages the entire budget for accounting of the Union Government and accounts for 65 percent of its budget for payments, exemplifies the leadership taken by ICAS in this area, according to the ministry.
