3. Explain the legal and institutional measures in place to ensure the effective utilisation of public funds in India. What are the key challenges in this regard? Discuss. (15 Marks)

भारत में सार्वजनिक धन के प्रभावी उपयोग को सुनिश्चित करने के लिए कानूनी और संस्थागत उपायों की व्याख्या करें। इस संबंध में प्रमुख चुनौतियां क्या हैं? चर्चा कीजिए।

Approach-

Candidates need to explain the legal and institutional measures in place to ensure the effective utilisation of public funds in India and then discuss the key challenges in this regard.

Introduction:

Properly managed accounting system helps ensure proper control over funds. Accounting policies and procedures are designed to compile accounts fulfilling legal/procedural requirements that govern financial control. Accounts are an essential part of financial management of activities. On the basis of accounts, the Government regulates the shape of its financial and fiscal policies. Efficient utilisation of public funds is necessary for judicious use of financial resources to satisfy the needs of the present society in such a way that it doesn’t compromise the capability of societies of future generations to meet their own needs.

The legal and institutional measures in place to ensure the effective utilisation of public funds in India

Properly managed accounting system helps ensure proper control over funds. Accounts are an essential part of financial management of activities. On the basis of accounts, the Government regulates the shape of its financial and fiscal policies. On the basis of accounts, the Government regulates the shape of its financial and fiscal policies.

The Key challenges in this regard

Conclusion

Efficient utilisation of public funds requires a number of reforms for good governance such as decentralisation of power, plugging legislative loopholes, strengthening the public Institutions like CVC and RTI, enhancing administrative accountability and making society more democratic. These reforms could make society more sustainable in the long run.

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