Finance Minister Nirmala Sitharaman on Tuesday stated the Single Nodal Agency (SNA) dashboard, which ensures monitoring of fund switch to states and its utilisation, will make governance extra clear and realise higher worth for each rupee despatched by the Centre.
The SNA dashboard was launched by the minister on Tuesday as a part of the Azadi ka Amrit Mahotsav iconic week celebrations. The dashboard will present a platform for ministries/departments to watch their switch of funds to states, utilisation by the implementing companies and help in money administration of the federal government.
Speaking on the occasion, Sitharaman stated about Rs 4.46 lakh crore will get transferred to states by means of Centrally Sponsored Schemes and SNA would result in higher transparency within the spending of the quantity.
“About Rs 4.46 lakh crore go through the Centrally Sponsored schemes and this is not a small amount. Today you are in a position to track that money … It is a huge success in making governance transparent. That quantum of money is also equally sent just in time… What better value realisation for every rupee sent,” Sitharaman stated.
Stating that ‘just in time’ are the three magic phrases in fund switch, she stated the SNA would make funds simple.
“This kind of a achievement for a complex governance country like India, if it is possible here it is possible in many, many other countries as well. Like the way it is (for) Aadhaar, Cowin app, like the way we have payment system UPI. This for governance is the UPI. You made every payment easy,” the minister stated.
Finance Secretary T V Somanathan stated this technique would assist lower down on the curiosity expenditure as cash could be launched on the stage the place it’s wanted.
“If the cash is caught someplace, we want to minimise what’s caught and maintain it the place it’s extra effectively held. GoI want to pay as little as doable of public cash as curiosity.
“So the SNA and TSA (Treasury Single Account) help us to minimise the interest costs borne by the GoI and that is not a trivial cost. That is actually helps us a lot, particularly in a difficult year like current financial year. These are extremely helpful in containing fiscal deficit within what is possible,” Somanathan stated.
The authorities has been capable of save about Rs 10,000 crore in curiosity price within the final fiscal resulting from introduction of TSA.
Source: www.financialexpress.com”