Sitharaman advised that the CGA look at whether or not it could be attainable to make the federal government’s annual accounts extra user-friendly. She additionally requested the central authorities’s accounting adviser to interact with counterparts in states to advertise the adoption of the only nodal company (SNA) system.
A lot of the massive schemes are already routed via this technique, which the minister mentioned has helped save greater than Rs 11,000 crore since 2021-22.
“The CGA and the Division of Expenditure ought to make sure that the SNA-SPARSH rollout is easily facilitated for all of the relevant schemes within the upcoming monetary 12 months and the CGA ought to handhold states in seamless onboarding and transition to SNA-SPARSH and persuade them about the advantages of this reform for fast adoption,” Sitharaman mentioned in her handle on the forty ninth Civil Accounts Day celebrations in New Delhi.Better Transparency
SNA-SPARSH is a system for simplified cost and reconciliation for centrally sponsored schemes.
The system has helped consolidate unspent stability parked in additional than 1.5 million financial institution accounts of implementing businesses throughout India into 4,500 financial institution accounts of the only nodal company, bringing higher transparency, Sitharaman mentioned. Referring to the Public Finance Administration System (PFMS), she mentioned it has facilitated direct monetary help to farmers via state-specific schemes similar to Telangana’s Rythu Bandhu scheme, and swift and clear disbursement of support throughout pure disasters just like the Kerala floods. The PFMS has additionally been leveraged for well timed and correct pupil funds in Maharashtra and pension scheme funds in a number of states, the minister mentioned.
Onboarding of states into these platforms will even enhance the richness of information, she mentioned. In her funds for 2024-25 introduced in July final 12 months, Sitharaman had advised enhancing governance, assortment, processing and administration of information and statistics with lively use of expertise instruments. The CGA, she mentioned Saturday, has the potential to work on this regard, provided that PFMS has an enormous dataset. “I’d additionally such as you to look at, in session with C&AG (Comptroller and Auditor Common), whether or not it could be attainable to make the annual accounts extra approachable and user-friendly and permit residents to analyse simply and generate customisable and easier reviews,” Sitharaman mentioned. The finance minister famous that India’s digital cost techniques and public monetary administration are being recognised globally, with many international locations expressing curiosity in India’s digital cost interface (DPI).
The achievements of the PFMS are at least that of the DPI, she mentioned. “You need to have interaction with completely different international locations and inform them how you will have developed higher transparency in public accounts and public monetary administration, emphasising how the IMF has recognised it,” Sitharaman mentioned, including that a whole lot of international locations will probably be curious about it and to see how finest they combine and match into their very own techniques.