Sitharaman also said that the government will persist in its efforts to optimize the value and impact of taxpayer money, ensuring it is utilized in the most effective manner for the welfare of all citizens.
Sitharaman underscored the Modi government’s commitment to transparency in its budgeting processes and figures. This approach has garnered positive attention from international organizations like the IMF and the World Bank, potentially leading to enhanced global trust in the country’s financial practices, she said.
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“This starkly contrasts the @INCIndia-led UPA government’s repetitive practice of hiding the deficits through off-budget borrowings and issuance of ‘Oil Bonds’, which somewhat covertly shifted the fiscal burden to future generations. Under UPA, standard fiscal practices were routinely changed to make Budget numbers look favourable,” Sitharaman said in the post on X.
The finance minister noted that the last ten years have seen significant improvements in the integrity and credibility of the Union Budget, leaving behind outdated practices and limitations of the past.
“Our government has reshaped the budget from a mere record of expenditures into a strategic blueprint for equitable development. We make judicious & efficient use of every rupee collected from our taxpayers and give them a transparent picture of public finances,” Sitharaman said, reaffirming the government’s dedication to responsible and transparent financial management.
Sitharaman highlighted the government’s efforts to enhance the budgetary process and practices through various reforms. The budget presentation date has been shifted to 1st February since FY 2017-18, effectively advancing the expenditure cycle by two months.
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The introduction of the Treasury Single Account (TSA) has streamlined government expenditure by enabling ‘just-in-time’ release of funds to autonomous bodies, resulting in lower borrowing costs for the Centre. “TSA has resulted in savings of more than Rs 15,000 crores to date,” Sitharaman stated.
The Union government oversees 108 Centrally Sponsored Schemes (CSS) through state and UT governments, with a budget of approximately Rs 5.01 lakh crore for FY 2024-25 and Rs. 4.76 lakh crore for FY 2023-24.
The implementation of the Single Nodal Agency (SNA) system, under which each state designates a Single Nodal Agency for every CSS, has led to savings of about Rs 10,592 crore from 2021-22 to date. This system has improved transparency in tracking the timeliness and amount of funds released to implementing agencies, she said.
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Sitharaman emphasized that the Union budgets under the Modi government are characterized by fiscal prudence, transparency, and inclusiveness, focusing on investments in social development and infrastructure. The government is committed to leveraging advanced technology, enhancing transparency, and pursuing ongoing reforms to build a strong foundation for a developed India.
“We will continue to maximise the value and impact of hard-earned taxpayer money, ensuring it is put to the best possible use for the benefit of all,” Sitharaman concluded, reaffirming the government’s dedication to efficient utilization of public funds.
