New Delhi: Union Finance Minister Nirmala Sitharaman is slated to preside over the celebrations for the ‘49th Civil Accounts Day’ in the national capital on March 1, to mark the Foundation Day of the Indian Civil Accounts Service (ICAS), it was announced on Thursday.
Arvind Panagariya, Chairman of the 16th Finance Commission, is also expected to deliver the keynote address on “India in Global Economy: The Next Decade” during the second session at the event, according to a Ministry of Finance statement.
During the inaugural session, a compendium on the Public Financial Management System (PFMS) will also be released.
PFMS is the key IT platform for financial administration of the government including payment, receipt, accounting, cash management and financial reporting.
“PFMS has provided the digital infrastructure for operationalising Direct Benefit Transfers (DBTs), one of the key public expenditure management reforms of the government,” said the ministry,
The Indian Civil Accounts Service (ICAS) was established in 1976 following a significant reform in public financial administration.
On March 1, 1976, the President of India promulgated ordinances separating the maintenance of Union Government accounts from audit functions, leading to the creation of departmentalised accounts.
Since then, ICAS, led by the Controller General of Accounts (CGA), has been at the forefront of financial governance.
According to the ministry, the ICAS will reaffirm its commitment to enhancing service delivery through comprehensive digitalization, ensuring secure and efficient financial management while leveraging advanced technologies for data-driven decision-making during the 49th Foundation Day celebrations on March 1.
The PFMS, which now handles the entire budget for accounting of the Union Government and 65 per cent of its budget for payments, is a testimony to the lead taken by the ICAS in this direction, the ministry informed.
