PUBLIC FINANCIAL MANAGEMENT SYSTEM (PFMS) IN INDIA: INTRODUCTION AND EVALUATION IN THE CONTEXT OF INDIAN EDUCATION SYSTEM

Authors

  • Raval Dipal Aniruddhabhi Ph.D Scholar, Silver Oak University, Ahmedabad, Gujarat
  • Dr. Khusbu Shah Silver Oak University, Ahmedabad, Gujarat

DOI:

https://doi.org/10.29121/shodhkosh.v5.i3.2024.6001

Keywords:

Public Financial Management System, Pfms, Education Finance, Direct Benefit Transfer, Transparency, Fund Tracking, Educational Schemes, Samagra Shiksha, Government of India, Digital Governance, Policy Evaluation

Abstract [English]

The Public Financial Management System (PFMS) is a comprehensive digital platform developed by the Government of India to ensure effective management of public funds. Introduced under the Ministry of Finance, PFMS aims to enhance transparency, accountability, and efficiency in financial transactions related to centrally sponsored schemes and welfare programs. This article explores the structure and mechanism of PFMS and evaluates its implementation in the context of the Indian education system. With a specific focus on educational schemes such as Samagra Shiksha Abhiyan, Mid-Day Meal Program, and various student scholarship initiatives, the study highlights how PFMS has facilitated real-time fund tracking, direct benefit transfers, and improved financial governance. The article also assesses the successes, challenges, and limitations of PFMS, and offers policy recommendations for enhancing its functionality and outreach. The findings suggest that while PFMS has significantly improved fund flow management and reduced inefficiencies in education finance, there remains a need for infrastructural improvements, capacity building, and better integration to maximize its impact.

References

Choudhury, M., Mohanty, R. K., & Garg, A. (2017). Utilisation, Fund Flows and Public Financial Management under the National Health Mission: A Study of Selected States. New Delhi: National Institute of Public Finance and Policy.

Controller General of Accounts (CGA), Ministry of Finance. (2022). PFMS Annual Progress Report.

Jain, R. (2019). Evaluating the Request for Proposal (RFP) of the Integrated Financial Management System (IFMS), Phase-II Gujarat. Indian Institute of Management, Ahmedabad. DOI: https://doi.org/10.4135/9781529772791

Kumar, R. (2021). "Digital Governance and Financial Inclusion in Education Sector." Journal of Development Policy, 18(4), 112–130.

MATHEW, A. S., & GOSWAMI, D. (2016). Doing more with less: Developing JAM+ to reform public finance Management in India. Economic and Political Weekly, 110-118.

Ministry of Education, Government of India. (2021). Samagra Shiksha Guidelines.

NITI Aayog. (2020). Evaluation of Centrally Sponsored Schemes in Education.

Press Information Bureau (PIB). (2023). “PFMS and Direct Benefit Transfer Statistics.”

Sengupta, D., & Shastri, N. (2019, April). Digital Payments through PFMS-Facilitating digital inclusion and accelerating transformation to a'Digital Economy'. In Proceedings of the 12th International Conference on Theory and Practice of Electronic Governance (pp. 196-201). DOI: https://doi.org/10.1145/3326365.3326391

World Bank. (2019). Public Financial Management in South Asia: Opportunities and Challenges.

Downloads

Published

2024-03-31

How to Cite

Aniruddhabhi, R. D., & Shah, K. (2024). PUBLIC FINANCIAL MANAGEMENT SYSTEM (PFMS) IN INDIA: INTRODUCTION AND EVALUATION IN THE CONTEXT OF INDIAN EDUCATION SYSTEM. ShodhKosh: Journal of Visual and Performing Arts, 5(3), 1983–1988. https://doi.org/10.29121/shodhkosh.v5.i3.2024.6001