Study of Recent Literature on Public Financial Management and Accountability (PFMA) System of the Government of India

Abstract

This report conducts a survey of the more recent literature on the public financial management and accountability system of the Government of India and analyzes its contents. The overall objective is to provide the basis for enhanced knowledge and understanding of the public financial management and accountability system including its strengths and weaknesses as perceived by the authors of the publications. The study prepares an annotated bibliography of select contemporary material on the public financial management and accountability system and presents an analytical survey relating to its various components. The study concludes that the legal systems are in place in all areas, as well as the attendant procedures, rules and regulations. Trained manpower is available. Oversight systems are vibrant through well established independent external audit and legislative committees. There is increasingly more transparency in the budgetary disclosures. Steps have been taken to review the existing accounting systems. One area of concern is the compliance gap. There is found to be slackness in observing and enforcing the rules and regulations.