Integrated Finance is backbone of any Ministry : Rajnath

Speed Post News Network

New Delhi : Defence Minister Rajnath Singh has termed Integrated Finance as the backbone of any ministry/department saying that desired objectives can only be achieved when a ministry/department is able to manage within its budgetary resources without compromising on operational needs.

Addressing the Integrated Financial Advisors (IFA) Workshop here December 24, 2019, Rajnath commended the Finance Division in the Ministry of Defence (MoD) and Controller General of Defence Accounts (CGDA) for meeting the needs of the three Services and other allied organisations like Ordnance Factories, Indian Coast Guard, Border Roads Organisation and DRDO with harmony and synergy and displaying the willingness and readiness to meet new challenges.

Rajnath highlighted that in the last three years, MoD has been able to fully utilise its allocations ending the trend of non-utilisation of funds due to substantial delegation of financial powers. He said financial powers have been delegated for capital and revenue procurement so that Armed Forces are able to make their own procurement of up to Rs 300-500 crore. He added that emergency powers have also been given to the Armed Forces in view of their emergent operational needs. This, he said, has led to enhanced operational efficiency.

Rajnath stressed that workshops like these not only play an important role in the evaluation of the Government’s policies and practices but also create a path for future policies. “Such events instill confidence in how responsible and committed we are to our financial matters. These responsibilities and commitments help us make our administration accountable and the country financially independent,” he said, according to a PIB release.

He said the functioning of the Government is being made effective and efficient under ‘Minimum Government Maximum Governance’, adding that performance standards are being established for government officials and mechanisms of prudence and accountability are being adopted in financial management. He said, in such a situation, this workshop creates a progressive and constructive feedback system according to which a roadmap for systemic improvements is made.