Please join us for a seminar on Taking stock of the PFM reforms – the road ahead, which is the second in a three-part series on India’s Public Financial Management (PFM) System – Post-COVID-19 need and opportunities for reforms organised by the Centre for Social and Economic Progress (CSEP) in coordination with the World Bank. The webinar is scheduled to take place virtually on September 20th, 2021, 5:00 p.m. – 6:30 p.m. (17:00 – 18:30) IST.

About the series: International evidence has shown that a strong PFM system is critical for operational and allocative efficiency and sustainability of public expenditure. Indian PFM systems, across the centre and the states, have undergone sporadic, disparate, and incremental changes over a number of years. The COVID-19 pandemic has exposed the vulnerabilities of the PFM system and has forced governments to adopt rapid remedial measures such as reprogramming / reprioritising expenditures, easing procurement processes, expediting execution modalities, and arranging for liquidity with all the attendant risks. The pandemic has, thus, highlighted the need to deepen and strengthen the PFM architecture and, thereby, change the way governments manage public money.

Register: https://us06web.zoom.us/webinar/register/6816316124088/WN_kPn_4ZAFTm225aaXvG8A-g

In building the post-COVID-19 recovery, the nature of fiscal governance and the quality and direction of public spending, especially infrastructure investment, will play a key role. Across countries, and especially in India, with resources being tight, governments will need to carefully redirect spending to the productive sectors with higher multiplier effects on rebuilding inclusive growth. For this, all tiers of government will need better fiscal governance—strong institutions and frameworks to plan, allocate, implement, report, and assess the quality of public spending and public infrastructure. The fiscal challenges brought on by the pandemic have heightened the urgency to strengthen the PFM system in India.

About the event: Indian PFM reforms have been disparate and varied across the country, and have often been limited to some departments or aspects of PFM. A comprehensive PFM reform strategy is now needed for both the Centre and the States, recognizing the need for policy, regulatory, and institutional reforms. This webinar will examine the PFM reforms that have already been implemented, and the challenges that remain despite such reforms. Looking at international best practices and Fifteenth Finance Commission recommendations, specific steps towards building an Indian PFM framework that ensures clarity in roles and responsibilities, improves accountability and oversight, strengthens fiscal responsibility, budget management, and financial management, will be discussed.

With this event, we are delighted to bring together the following four distinguished speakers to share their thoughts on PFM reforms:

• Pinaki Chakraborty, Director, National Institute of Public Finance and Policy
• Ashutosh Vajpeyi, Joint Secretary (Economic Affairs), Government of Rajasthan and Project Director, Rajasthan PFMS Project
• Prabodh Saxena, Additional Chief Secretary (Finance), Government of Himachal Pradesh
• Mridul Saggar, Executive Director, Reserve Bank of India

Manoj Jain, Lead Governance Specialist, World Bank, will moderate the session. Hisham Waly, Practice Manager, World Bank will deliver the opening remarks and Anoop Singh, Distinguished Fellow, CSEP, will deliver the closing remarks.

The next and final seminar in the series is titled “The need for an overarching PFM Law and other practical steps” and is scheduled for September 27th. Please take a look at the agenda for more details about the series.

Please reach out to Kevin James for general queries and Zehra Kazmi for media queries.

All content reflects the individual views of the speakers. The Centre for Social and Economic Progress (CSEP) does not hold an institutional view on any subject.