Decade of Digital Transformations: PFMS Revolutionizes India's Financial Management

The Public Financial Management System (PFMS) has significantly transformed India's financial landscape from 2014 to 2024 by achieving 100% digitalization of government schemes, ensuring swift and secure fund transfers. Lauded by officials, PFMS has handled over Rs 22.85 lakh crore during the pandemic and continues to enhance cooperative federalism.

The Controller General of Accounts, Shyam S Dubey, highlighted the remarkable impact of the Public Financial Management System (PFMS) over the past decade during the 49th Civil Accounts Day celebration in New Delhi. Dubey remarked on PFMS as a cutting-edge IT system implemented under the oversight of the Ministry of Finance.

He emphasized PFMS's success in digitalizing all Indian government schemes and the Direct Benefit Transfer (DBT) system, facilitating swift and secure disbursements. PFMS has allowed real-time fund monitoring and 100% digitalization, making 2014-2024 a transformative period for public financial management.

Dubey outlined the system's role in transferring over Rs 22.85 lakh crore during the pandemic. He introduced new features like the electronic utilization certificate and e-Asset module of PFMS-SAMPATI. Finance Minister Nirmala Sitharaman acknowledged PFMS's contribution to seamless financial management across India, benefiting millions through enhanced cooperative federalism.

(With inputs from agencies.)