NEW DELHI, May 27: Finance Minister Nirmala Sitharaman declared on Monday that the Modi government has significantly reshaped the Union budget over the past 10 years, transitioning it from a mere record of expenditures to a strategic blueprint for equitable distribution. Sitharaman emphasized the government’s commitment to maximizing the value of taxpayers’ money by ensuring its efficient utilization.
Highlighting the government’s focus on transparency in budgetary practices and numbers, Sitharaman noted that countries with transparent budgets are often viewed more favorably by international bodies such as the IMF and World Bank, leading to enhanced global trust. She contrasted this with the practices of the previous @INCIndia-led UPA government, which resorted to off-budget borrowings and issuance of ‘Oil Bonds’ to conceal deficits, thereby burdening future generations.
The Finance Minister underscored the significant improvement in the sanctity and credibility of the Union Budget over the last decade, attributing it to the government’s departure from past constraints and archaic practices.
“Our government has transformed the budget into a strategic blueprint for equitable development, ensuring judicious and efficient utilization of every rupee collected from taxpayers while providing them with a transparent picture of public finances,” Sitharaman stated.
Furthermore, she highlighted that Union budgets under the Modi government prioritize fiscal prudence, transparency, and inclusiveness, with investments directed towards social development and infrastructure.
Sitharaman also elaborated on the administration of 108 Centrally Sponsored Schemes (CSS) by the Union government through state and UT governments, emphasizing improved fund utilization and tracking efficiency under the Single Nodal Agency (SNA) model.
The Finance Minister asserted that the SNA model has enhanced CSS fund utilization, ensured pragmatic release of funds to states, and minimized the possibility of fund diversion. Consolidating unspent balances into fewer bank accounts and leveraging technology for better cash management are among the key achievements of this model.
Concluding her remarks, Sitharaman reiterated the Modi government’s commitment to leveraging technology, enhancing transparency, and pursuing ongoing reforms to build a stronger foundation for a developed India. She pledged to continue maximizing the value and impact of taxpayer money for the benefit of all.
