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Finance Minister Nirmala Sitharaman stated Monday that the Modi administration has transformed the Union budget over the past decade from a simple record of expenditures into a strategic framework for equitable distribution.

 

Sitharaman emphasised the government’s commitment to maximising the value of taxpayers' money and ensuring its optimal use.

 

The Modi government has prioritised transparency in its budgeting practices, Sitharaman said, noting that countries with transparent budgets are often viewed more favourably by international organisations like the IMF and World Bank, leading to enhanced global trust.

 

"This stands in stark contrast to the UPA government's frequent use of off-budget borrowings and 'Oil Bonds' issuance, which covertly shifted the fiscal burden to future generations," Sitharaman said on X, formerly known as Twitter. "Under the UPA, standard fiscal practices were often altered to present favourable budget numbers."

 

Over the last decade, there has been a significant enhancement in the credibility and integrity of the Union Budget, moving past previous limitations and outdated practices, Sitharaman added.

 

"Our government has reshaped the budget from a mere record of expenditures into a strategic blueprint for equitable development. We judiciously and efficiently utilise every rupee collected from our taxpayers and provide them with a transparent picture of public finances," she said.

 

The Modi government’s budgets are characterised by fiscal prudence, transparency, and inclusiveness, ensuring investments in social development and infrastructure, she said.

 

Sitharaman noted the administration of 108 Centrally Sponsored Schemes (CSS) through state and UT governments, with a budget of approximately Rs 5.01 lakh crore for FY 2024–25 and Rs. 4.76 lakh crore for FY 2023–24.

 

Previously, it was challenging to track the timeliness and amounts of funds released to implementing agencies under CSS and to determine whether funds came from the Centre or the State. Under the Single Nodal Agency (SNA) model, each state must designate an SNA for every CSS, the minister explained.

 

The effective implementation of the SNA model has enhanced efficiency in CSS fund utilisation, fund tracking, and timely fund release to states, contributing to better cash management and savings for the government.

 

Unspent balances previously parked in over 1.5 million bank accounts of implementing agencies were consolidated into 4,500 SNA bank accounts, significantly reducing the possibility of fund diversion by states or implementing agencies, she said.

 

Sitharaman reiterated the Modi government’s commitment to using cutting-edge technology, enhancing transparency, and pursuing ongoing reforms to establish a strong foundation for a developed India.

 

"We will continue to maximise the value and impact of hard-earned taxpayer money, ensuring it is put to the best possible use for the benefit of all," she said.