fm-sitharaman-to-attend-49th-civil-accounts-day-on-mar-1

Finance Minister Nirmala Sitharaman will preside over the 49th Civil Accounts Day on March 1, marking an important occasion in India's financial governance.

 

The event will highlight key developments in public financial management, including the release of a compendium on the Public Financial Management System (PFMS).

 

The finance ministry has announced that the compendium, titled Digitalisation of Public Financial Management in India: The Transformative Decade (2014-24), will showcase the role of digital advancements in financial administration.

 

PFMS, developed and managed by the Controller General of Accounts (CGA), serves as the central IT platform for the government's financial operations. It facilitates payments, receipts, accounting, cash management, and financial reporting, playing a crucial role in the implementation of Direct Benefit Transfers.

 

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 an overview of India's economic trajectory and its evolving role in global financial systems.

 

The Indian Civil Accounts Service (ICAS), which plays a pivotal role in financial governance, was established in 1976 following a major administrative reform.

 

On March 1 of that year, an ordinance was issued by the President of India to separate the Union Government’s accounts from audit functions. This led to the formation of departmentalised accounts, with ICAS operating under the leadership of the CGA.

 

Since its inception, ICAS has been instrumental in maintaining transparency, efficiency, and accountability in public financial management. The annual Civil Accounts Day serves as a reminder of the service’s contributions and its continued evolution to meet the needs of a modern digital economy.

 

The upcoming event is expected to underscore the importance of financial reforms and digital integration in governance, highlighting India's progress in financial management over the past decade.