49th Civil Accounts Day celebrated to mark the 49th foundation day of Indian Civil Accounts Service (ICAS) in New Delhi In a journey from departmentalisation to digitalisation, ICAS has brought a silent revolution through Public Financial Management System (PFMS) Union Finance Minister Smt. Nirmala SitharamanExpenditure Secretary Dr. Manoj Govil emphasises need of harmonisation of Union and State Accounts including Urban, Rural and Local BodiesCGA Shri Shyam Dubey outlined CGA's demonstrated robustness, especially during the COVID-19 pandemic, transferring over Rs. 22.85 lakh crore, including DBT schemesPFMS acts as a critical digital infrastructure to enable transactions between different economic entities efficiently and transparently Dr. Panagariya

Published on 02-Mar-2025 11:45 AM

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The 49th Day of ICAS Foundation: Revolutionizing Finance Through Digitalization

Introduction: On May 18, 2023, the 49th day of the ICAS Foundation’s foundation day was celebrated. This annual event marked a significant milestone as it bridged the shift from departmentalization to digitalization, driven by innovations in Public Financial Management (PFMS).

Purpose of PFMS: The purpose of PFMS is to revolutionize finance and economics through digital transformation. It not only streamlines processes but also enhances transparency and efficiency, setting a new standard for financial management.

Union Finance Minister’s Role: Dr. Nirmala Sitharaman emphasized the importance of data governance, highlighting that the Union Finance Minister is working on improving it. The Central Government leverages data for decision-making, which will be further strengthened by the CBP (Central Bank of India) through efforts during the pandemic.

CBP Achievements: During the 2014-2015 financial crisis, CBP transferred over Rs. 22.85 crore to the Central Government. This achievement underscores the CBP’s proactive role in mitigating economic challenges.

Future Vision for PFMS: Looking ahead, PFMS aims to reach 60 crore beneficiaries by 2034 and transition into end-to-end digitization through multiple systems. The growth potential from 2003-2004 shows the feasible trajectory towards a 10 trillion dollar GDP by 2025 and “Viksit Bharat” target of 2047.

Keynotes and Focus: Dr. Arvind Panagariya delivered a keynote addressing India’s global challenges, emphasizing the critical role of PFMS in international relations. He highlighted its potential to foster collaboration across states and urban-rural areas.

Conclusion: The 49th ICAS Foundation day is a testament to the transformative power of digitalization in finance. Through innovations like PFMS and efforts by the Union Finance Minister, India is set to achieve significant growth potential, solidifying its position as a global financial hub.

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