Public Financial Management System, key for good governance: President

President Pranab Mukherjee urged for the usage of IT tools in the auditing process, not only in unearthing frauds, but also in evaluation, monitoring of processes and outcomes of various government schemes.

The Dollar Business Bureau Finance-and-Technology-The-Dollar-Business In view of the increasing quantum of public expenditure, the Government of India is moving towards establishment of ‘Integrated Financial Management Information Systems (IFMS)’, besides setting up proper standards in accounting, auditing and budgeting. This was stated by Pranab Mukherjee, President of India, in his address to the probationers of Indian Defence, Civil, Railway and Post & Telecommunication Finance & Accounts Services, in Rashtrapati Bhavan, on Monday. Tthe President called upon the probationers to assimilate the global financial management practices and apply them appropriately in the Indian context. Stating that the Public Financial Management System (PFMS) is a key to good governance, the President called for an efficient tracking, monitoring and reporting system for proper management of public expenditure. Referring to the raising public expectations over transparency and accountability in government processes, the President called upon the government departments to modernize their systems with the help of Information & Communication Technology (I&CT) to make systems citizen-centric. Being in pace with the fast-changing world of I&CT also requires constant up-gradation of systems and processes, he added. He urged for the extension of full-fledged usage of IT tools in the auditing process from just unearthing frauds, to further use in evaluation and monitoring of processes and outcomes of various government schemes. Lauding the efforts of the National Institute of Financial Management (NIFM) in the two decades of its existence, the President said that the NIFM, besides public management services training, is also providing various long-term courses and management development programmes on cutting edge financial issues. The NIFM will also organize the long-term and short-term courses on financial and securities markets in collaboration with the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), he added. Besides these, the NIFM had also entered into MoUs with the global universities and institutions in the USA, Europe and Asia, apart from tie-ups with the local institutions, he added, while stressing on the need for encouraging collaborations for sharing of global perspectives.