CAG Hosts First State Finance Secretaries Conference in New Delhi
The Comptroller and Auditor General (CAG) of India organized the inaugural State Finance Secretaries Conference in New Delhi. This event brought together key figures such as the Secretary (Expenditure) of the Government of India, finance secretaries from various states, representatives from the Reserve Bank of India (RBI), and officials from the Ministry of Finance.
The CAG plays a vital role in India’s fiscal framework, serving as a link between the Union and State Governments. It audits public sector entities and compiles state accounts for legislative presentation. The conference aimed to enhance communication with state governments and improve public financial management, focusing on transparent and accountable financial reporting.
CAG Girish Chandra Murmu emphasized the need for harmonizing expenditure across states and the Union Government. He encouraged stakeholders to finalize monthly state accounts by the 10th of each month, earlier than the current 25th deadline. Murmu also highlighted the importance of integrating financial management applications with the CAG’s systems for better reporting.
Deputy CAG Jayant Sinha announced that the conference would become an annual event, providing a platform for ongoing discussions on public financial management. Topics included state finances, fiscal parameters, expenditure classification, and practices for state grant utilization certificates. The conference’s outcomes are expected to enhance financial reporting and decision-making across states.
Doubts Revealed
CAG -: CAG stands for Comptroller and Auditor General of India. It is an important government authority that checks how the government spends money and ensures everything is done correctly.
State Finance Secretaries -: State Finance Secretaries are officials in charge of managing the finances of their respective states in India. They help plan budgets and make sure the state’s money is used wisely.
New Delhi -: New Delhi is the capital city of India. It is where many important government meetings and events take place.
Public financial management -: Public financial management involves planning, organizing, and controlling how government money is spent. It ensures that public funds are used efficiently and effectively.
Union and State Governments -: In India, the Union Government is the central government, while State Governments are the governments of individual states. They work together to manage the country’s affairs.
Girish Chandra Murmu -: Girish Chandra Murmu is the current Comptroller and Auditor General of India. He is responsible for overseeing the audit of government finances.
Jayant Sinha -: Jayant Sinha is the Deputy Comptroller and Auditor General of India. He assists in managing the auditing processes and financial oversight.
Annual event -: An annual event is something that happens once every year. The conference will now be held every year to discuss financial matters.